We are extremely pleased to share news that Senate bill 2085, the Save Our Future Act has been introduced by Sheldon Whitehouse. This bill features much of the same approach as CARA to pricing all types of pollution, including GHGs, and using the collected funds to address a number of key issues, including Covid relief. Below are links to news coming out about SOFA.
On June 16, 2021, Senators Sheldon Whitehouse (D-RI) and Brian Schatz (D-HI) introduced legislation to drastically drive down the harmful emissions causing climate change and putting Americans’ health and the global economy at risk. In the press release issued by Sen. Whitehouse, we learn that by assessing fees on large corporations responsible for greenhouse gas emissions and air pollution, the Save Our Future Act would cut emissions by roughly 50 percent after ten years, which is in line with scientific targets. It would also improve air quality, particularly in front line communities, create new economic opportunities in fossil fuel communities and environmental justice communities, provide low- and middle-income households with biannual checks, and assist states and tribes in defraying the costs of climate change.
“The Save Our Future Act is a large-scale solution with the power to prevent global temperature increases from spiraling past 1.5 degrees Celsius. Our bill will charge polluters for the harms they cause and redirect that revenue to the American families and communities that have for too long borne the brunt of climate change and air pollution, all while speeding the transition to a green economy and making the air safer to breathe,” said Senator Whitehouse. “The Save Our Future Act can help lead our planet to safety if we act quickly. There is no time left to waste.”
Sweeping carbon pricing bill, Save Our Future Act, introduced in Senate
The Citizens' Climate Lobby, the nation's staunchest advocate for carbon pricing legislation, welcomed the announcement by Senators Sheldon Whitehouse (RI) and Brian Schatz (HI) of the introduction of the Save Our Future Act, comprehensive legislation that dramatically reduces emissions and protects environmental justice and coal communities. In a statement, CCL Executive Director Mark Reynolds said, “The Save Our Future Act would place an ambitious price on carbon to reduce America's emissions, but it doesn't stop there. This legislation would also address long-standing environmental justice concerns by directly pricing emissions of fossil fuel co-pollutants in frontline communities, and it would invest in coal communities to support them through the transition to a clean energy economy.”
The Case for Pricing Pollution
The Niskanen Center, a right of center think thank, posted a review of the Save Our Future Act written by Nicholas Z. Muller, approving the new legislation entitled "The Case for Pricing Pollution," published on June 23, 2021. In it, Muller lays out the benefits of the approach chosen by the bill. "Pricing pollution achieves three goals. First, raising the cost of emissions induces polluters to limit their discharges, resulting in less harm to the environment and public health. Second, such taxes incentivize firms to invest in green technologies to remove pollution from their production processes. Third, emission taxes can produce significant amounts of revenue which can offset distortionary taxes such as those on income. Such an approach, if enacted, would boost the efficiency of the U.S. economy." Continue reading "The Case for Pricing Pollution"here.