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US Democrats seek to tax fossil fuel companies over climate change

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By illuminem briefings

· 2 min read


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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