A big new climate bill today from the #2 Dem in the Senate, Dick Durbin. See how it compares on the updated @ColumbiaUEnergy carbon tax page.
Here's a 🧵with a high-level summary (1/x): https://www.energypolicy.columbia.edu/what-you-need-know-about-federal-carbon-tax-united-states?utm_source=telegram.me&utm_medium=social&utm_campaign=diskussiya-ob-uglerodnom-naloge-v-ssha-et
Emissions reduction targets of 45% by 2030 (below 2018) and net zero by 2050, right in line with other recent proposals from Democrats...
A climate bank to finance and support investments in clean energy and resilience...
Sen Durbin proposes a delayed carbon fee, starting at $25/ton in 2023 and increasing by $10 per year. That puts it smack in the middle of other recent proposals, as our updated comparison figure shows...
To increase emissions certainty, the carbon fees are contingent on emissions outcomes, meaning the fees increase much more rapidly if the emissions targets stipulated in the bill are missed...
Like all recent carbon pricing proposals, Durbin’s is designed to be progressive. It gives rebates to low- and middle-income households. The rebates are paid out before the fees, and the bill funds a big public awareness campaign so everyone knows about the rebates....
The proposal includes a border carbon adjustment to address concerns of emissions leakage and level the playing field with foreign firms that do not face comparable regulations...
And it includes payments for carbon capture, including for direct air capture (I'm not sure I've seen this in a carbon pricing bill before) and support for carbon sequestration via forestry, farming, etc...
Durbin also proposes investments in environmental justice and transition assistance, including for communities dependent on fossil fuels and disproportionately impacted by climate change and air pollution...
Here’s how the carbon pricing revenue is used in Durbin’s proposal (on the right) compared to other recent proposals...
If I'm trying to be critical, I'd point to:
- whether the bill does enough to address regional disparities (I'm not sure).
- Buy America requirements 🙄
- The need for a host of additional policies to achieve its overall emissions target...
But to that last point, it’s just one piece of legislation, not a comprehensive climate strategy. It doesn’t preempt any additional regulations or policies...
And it’s rare to see a piece of climate legislation that checks as many boxes as this one does. With the dumpster fire that is our economy, this is probably what seriously climate legislation look like now: lots of spending up front, with the necessary sticks coming later...
Congrats to Sen Durbin and his staff. Given his leadership position in the Senate, I imagine this proposal will be part of the conversation if Dems take control...
By my count, this is the 9th different carbon pricing bill proposed in this Congress, and 3rd in the Senate.
HR 763 (the @citizensclimate bill) still has the most support, with over 80 sponsors in the House. /end
You can follow @noahqk.
Tip: mention @twtextapp on a Twitter thread with the keyword “unroll” to get a link to it.

Latest Threads Unrolled:

By continuing to use the site, you are consenting to the use of cookies as explained in our Cookie Policy to improve your experience.