WASHINGTON, D.C. – Today, Rep. Dean Phillips (MN-03) announced the reintroduction of the Energy Innovation and Carbon Dividend Act (EICDA), bold legislation that would utilize market forces to combat climate change and incentivize the speedy transition to a clean energy economy. The bill earned 86 bipartisan co-sponsors in the previous Congress, and Rep. Phillips is an original co-sponsor.
The bill creates a Carbon Dividend Trust Fund for the American people to encourage innovation, clean energy technologies, and market efficiencies that will reduce pollution and leave behind a healthier and more prosperous nation for future generations. It includes carbon fee exemptions for fuels used by the armed forces and agriculture, and it provides rebates to facilities that capture and sequester carbon.
The bill would decrease U.S. carbon emissions by 40% in the first twelve years and is revenue neutral, returning every cent raised from carbon fees back to American consumers in the form of monthly dividends. The EICDA positions the United States to meet the goal of net-zero carbon emissions by 2050 set by President Biden.
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