THE CLIMATE PROTECTION ACT
AND SUSTAINABLE ENERGY BILL 2013
SENATOR BERNIE SANDERS (I-VT) AND BARBARA BOXER (D-CA)
THE CLIMATE PROTECTION ACT S.332
THE SUSTAINABLE ENERGY ACT S.329
Many people have called these two bills a "gold standard " for energy efficiency and environmental protection. These highly ambitious bills aim to reduce greenhouse gas emissions 80 percent by 2050. These bills would offer historic funding to energy efficiency and sustainable energy technologies, such as wind, solar, geothermal and biomass. The Congressional Budget Office estimates that 1.2 trillion in revenue would be raised over the next decade. These acts would focus on raising revenue for clean energy projects by placing a tax on Carbon Emissions and by reducing the use of fossil fuels that contribute to climate change. Sixty percent of the revenue would go towards rebates to consumers, which would reduce the impact of the tax on their energy bills. The Climate Protection Act also aims to suggest regulations for the tighter control of environmentally destructive industries like Hydraulic Fracturing. The Sustainable Energy Act argues for the termination of subsidies for the oil, gas and coal industries while pushing for the extension of tax incentives for renewable and sustainable energy.
3 SECTIONS OF THE CLIMATE PROTECTION ACT
- A Carbon Pollution Fee
- Outlines a plan for the Carbon Pollution Tax
- A price on Methane or Carbon equivalent to $20 per ton. This amount rises 5.6 percent annually for ten years.
- Carbon price only applies to upstream producers - the point of origin for the fuel (the coal mines, oil refineries, etc.)
- Carbon price also applies at point of importation
- A residential rebate program to consumers to reduce the impact of this tax on their energy bills
Sustainable Technology Finance Program
- Financial assistance for Clean Energy Projects and Public Transportation
- Budgetary Effects
- Regulation of Hydraulic Fracturing
- Sense of Congress relating to reduction in greenhouse gas emissions
2 SECTIONS OF THE SUSTAINABLE ENERGY ACT
- Elimination of Fuel Subsidies
- The Environmental Law Institute has found that between 2002-2008, Federal fossil-fuel subsidies in the United States totaled over $72 Billion.
- Meanwhile, Federal Renewable Energy Investments totaled around $12 Billion.
- This section argues that Federal Tax Payers should not be ordered to subsidize the oil, gas and coal industries in a period of record debt
- An order for the termination of certain Fossil Fuel incentives and subsidies.
Extension of Certain Energy Tax Incentives
- The extension of energy tax incentives and energy credits for electricity produced from certain renewable resources
Bernie Sanders Introductory Statement to the Climate Protection Act
The Newly Proposed Carbon Tax Will Fight Global Warming, Protect Low-Income Americans And Reduce The Deficit (Think Progress)
Senate Bills a Strong Start on Congressional Climate Action (World Wildlife Fund)
Sanders-Boxer Set “Gold Standard” But Write Off Fiscal Potential of Carbon Tax (Carbon Tax Center)
Carbon Tax Center