Energy Innovation and Carbon Dividend Act gains support inside and outside Congress
Govtrack lists 240 legislative initiatives in the 116th U.S. Congress dealing with climate change or greenhouse gases.
One bill, however, is easily the most robust climate legislation pending and the only bipartisan one with significant support. It’s not the Green New Deal, which is a non-binding resolution and not a bill at all. Rather, it’s the Energy Innovation and Carbon Dividend Act (H.R. 763).
In this legislation, Congress has before it a simple, fair and effective step toward a climate solution. Rep. Ted Deutch (D-Fla.), Rep. Francis Rooney (R-Fla.) and five other representatives introduced this bill. Today, it has 80 cosponsors. This proposal puts a price on carbon emissions and directs the revenue equally to American taxpayers.
The act will drive down America’s carbon pollution at least 40 percent in the first 12 years, and 90 percent by 2050. It will improve health and save lives by reducing the pollution we breathe, boost the economy with millions of jobs, and stay revenue neutral, meaning it does not grow the size of government.
Climate scientists are clear that to avoid the worst impacts of climate change, society must dramatically reduce carbon dioxide emissions. That message was delivered in 2018’s National Climate Assessment and the Intergovernmental Panel on Climate Change’s report. The IPCC report specifically mentioned carbon pricing as a way forward to effectively reduce emissions and stabilize our climate.
Since its introduction, H.R. 763 has garnered support from economic think tanks, advocacy groups, faith groups and citizens. A partial list: the Silicon Valley Leadership Group, the Environmental Defense Fund, the Nature Conservancy, the World Resources Institute, the U.S. Conference of Catholic Bishops, the Presbyterian Church (USA), the Friends Committee on National Legislation, the conservative Alliance for Market Solutions, the Evangelical Environmental Network, Trout Unlimited.
Locally, Patton Township and the University Baptist and Brethren Church in State College have endorsed it. State College Borough Council has endorsed the principal behind it which is called carbon fee and dividend.
More than 3,500 economists, including four former chairs of the Federal Reserve and 27 Nobel Laureates, have endorsed the concept of carbon fee and dividend.
Here’s how H.R. 763 works:
The fee: The Act puts a fee on all oil, gas and coal used in the United States based on the greenhouse gas emissions they produce. It makes clean energy cheaper and more attractive than dirty, polluting energy, driving down America’s emissions and slowing climate change. The fee starts low at $15 per metric ton of CO2 and grows steadily, increasing $10 per ton annually, giving businesses time to adjust and make smart investments for the future.
The dividend: The money from the fee will be allocated equally and directly to taxpayers as a monthly dividend. Most American households will end up with more money in their pockets to spend as they see fit, which helps low- and middle-income Americans. To see how it would impact your family go to https://energyinnovationact.org/carbon-dividend-calculator/. Plug in your household’s numbers and see what happens.
Border adjustment: To protect U.S. manufacturers and jobs, goods imported from countries without an equivalent carbon price will pay a border carbon adjustment. Companies exporting goods to such countries will receive a refund.
Our local Congressmen, Fred Keller and Glenn Thompson, should get behind this measure. It will benefit the vast majority of their constituents.