US Democrats seek to tax fossil fuel companies over climate change

illuminem summarizes for you the essential news of the day. Read the full piece on The Hill or enjoy below:

🗞️ Driving the news: A group of Democratic lawmakers introduced a bill aiming to make fossil fuel companies pay for their role in climate change
• The legislation would impose fees on companies based on their emissions, creating a $1 trillion fund for climate infrastructure and disaster relief

🔭 The context: The bill is part of ongoing efforts to hold polluters accountable, following similar initiatives like Vermont’s state law charging companies for climate impacts
• However, it faces slim chances of passing in the Republican-controlled House and the Senate’s filibuster rules

🌍 Why it matters for the planet: This legislation underscores the growing push for climate accountability, targeting industries responsible for significant carbon emissions
• If passed, it could set a precedent for future climate liability policies

⏭️ What's next: While passage seems unlikely in the current Congress, this bill will likely become a key issue in Democratic campaigns leading up to the 2024 elections

💬 One quote: “Big polluters can no longer run from their responsibility to address the harm they have done,” said Sen. Chris Van Hollen (D-Md.)

📈 One stat: In 2023, U.S. fossil fuel emissions accounted for approximately 74% of total greenhouse gas emissions, prompting increased regulatory attention, including over 110 federal actions aimed at regulating emissions from the fossil fuel industry since 2021

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