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Polluters Pay Climate Fund Act of 2024

10/4/2024, 8:11 PM

Summary of Bill S 5054

Bill 118 s 5054, also known as the Polluters Pay Climate Fund Act of 2024, is a piece of legislation introduced in the US Congress with the aim of addressing the issue of climate change by holding polluting industries accountable for their contributions to environmental damage.

The main provisions of the bill include the establishment of a Climate Fund, which will be funded by fees imposed on industries that are major contributors to greenhouse gas emissions. These fees will be used to support initiatives aimed at reducing carbon emissions, investing in renewable energy sources, and mitigating the effects of climate change.

Additionally, the bill includes measures to increase transparency and accountability in the monitoring of greenhouse gas emissions, as well as provisions for penalties for industries that fail to comply with emission reduction targets. Overall, the Polluters Pay Climate Fund Act of 2024 seeks to shift the financial burden of addressing climate change from taxpayers to the industries that are responsible for the majority of greenhouse gas emissions. By holding polluters accountable and investing in sustainable solutions, the bill aims to combat climate change and protect the environment for future generations.

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Current Status of Bill S 5054

Bill S 5054 is currently in the status of Bill Introduced since September 12, 2024. Bill S 5054 was introduced during Congress 118 and was introduced to the Senate on September 12, 2024.  Bill S 5054's most recent activity was Read twice and referred to the Committee on Finance. as of September 12, 2024

Bipartisan Support of Bill S 5054

Total Number of Sponsors
1
Democrat Sponsors
1
Republican Sponsors
0
Unaffiliated Sponsors
0
Total Number of Cosponsors
12
Democrat Cosponsors
10
Republican Cosponsors
0
Unaffiliated Cosponsors
2

Policy Area and Potential Impact of Bill S 5054

Primary Policy Focus

Taxation

Alternate Title(s) of Bill S 5054

Polluters Pay Climate Fund Act of 2024
Polluters Pay Climate Fund Act of 2024
A bill to impose an assessment related to fossil fuel emissions, to establish the Polluters Pay Climate Fund, and for other purposes.

Comments

Sponsors and Cosponsors of S 5054

Chris Van Hollen
Chris Van Hollen
MarylandDemocrat
Elizabeth Warren
Elizabeth Warren
MassachusettsDemocrat
Sheldon Whitehouse
Sheldon Whitehouse
Rhode IslandDemocrat
Peter Welch
Peter Welch
VermontDemocrat
Bernard Sanders
Bernard Sanders
VermontIndependent
Jeff Merkley
Jeff Merkley
OregonDemocrat

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