Democrats seek to tax fossil fuel companies over climate change

A large group of Democrats is looking to force the fossil fuel industry to pay for climate change.

Lawmakers unveiled a bill Thursday that would allow the Treasury Department to impose fees on major fossil fuel companies that are owned or operated in the U.S.

The legislation seeks to establish a $1 trillion fund that companies would have to pay into based on their share of planet-warming emissions. The money would go toward infrastructure upgrades, cleaning up pollution and providing assistance after climate-related disasters.

“After fueling the climate crisis for decades, big polluters can no longer run from their responsibility to address the harm they have done,” said Sen. Chris Van Hollen (D-Md.), the bill’s Senate sponsor, in a written statement. The bill’s House sponsors are Reps. Jerry Nadler (D-N.Y.) and Judy Chu (D-Calif.).

The legislation has virtually no chance of passing under the Republican-led House, but could be a major Democratic talking point in the run-up to the election.

The bill would also likely face an uphill battle under almost any Senate composition given the upper chamber’s 60-vote threshold for avoiding a filibuster.

Earlier this year, Vermont passed a similar bill charging polluters for climate change.

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