Historic “Polluters Pay Climate Fund Act” Will Address Skyrocketing Costs of Extreme Weather
CCAN Action Fund applauds new Superfund-style bill introduced by Sen. Van Hollen and Rep. Jerry Nadler that will collect funds from polluters who are fueling climate crisis
Washington, D.C. — U.S. Senator Chris Van Hollen (D-MD) and U.S. Representative Jerry Nadler (D-NY) today introduced the Polluters Pay Climate Fund Act of 2024. Modeled after landmark Superfund
Since the 1950s, fossil fuel companies have known about their industry’s contributions to climate change but they failed to mitigate the impacts. This act would authorize the Treasury Department to charge top-polluting fossil fuel companies – those that have emitted at least 1 billion tons of carbon dioxide between 2000 and 2022– a total of $1 trillion over 10 years to establish the Polluter Pay Climate Fund.
This new law is urgently needed because extreme weather events like hurricanes, severe floods, heatwaves, and droughts – the result of climate changes that are fueled by fossil-fuel pollution – are rapidly worsening and happening more frequently. America must take a new approach that holds polluters accountable in order to meet the skyrocketing costs of the climate crisis.
The federal Polluters Pay Climate Fund Act of 2024 would not preempt state-level climate superfund laws or lawsuits. It also maintains the ability of any person or entity to seek additional remedies that are not identified in the proposed legislation.
Quentin Scott, Federal Director for CCAN Action Fund, applauded the Polluters Pay Climate Fund Act:
“This bill is based on a simple concept: those most responsible for creating the climate crisis should pay the most to address its harmful impacts. This is a concept we all learn as children and there is no reason we should not apply this lesson to some of the most profitable companies in human history. Communities have suffered because of the reckless business practices of the fossil fuel industry. It’s long overdue for the fossil fuel industry to pay their fair share.”
“The Polluter Pay Climate Fund would rebuild and upgrade infrastructure to be more resilient, clean up pollution in frontline communities, provide critical funding to FEMA to respond to climate-related disasters, and ensure 40% of the Fund is set aside for investments benefiting environmental justice communities.”
Mike Tidwell, director of the Chesapeake Climate Action Network Action Fund, also spoke about his experience witnessing consistent flooding in his neighborhood church. “[Flooding] is not just an Antarctica problem,” he said. “It’s a Takoma Park Presbyterian Church preschool problem. And it’s unfair that churches in small towns like mine have to pay the fee [to fix it] when oil companies that created its product knowingly created this problem. This bill gets right at the heart of justice, right at the heart of suffering people not only around the world but right where we live, and it’s past time to pass it. Justice is due and we can make that justice happen.”
A recording of today’s press event has been posted here by Sen. Van Hollen’s office.
Contact:
Quentin Scott, Chesapeake Climate Action Network, quentin@
KC Chartrand, Chesapeake Climate Action Network, kc@chesapeakeclimate.
# # #
The Chesapeake Climate Action Network (CCAN) Action Fund is dedicated to driving change in public policies at the local, state and national level to address the climate crisis. Through voter education, lobbying, and participation in the electoral process, we seek to advance our country’s leadership in the global movement towards clean energy solutions — focusing our efforts primarily in Maryland, Virginia, and Washington, DC. We know that a vibrant democracy is central to our success so we work to defend democratic integrity wherever we can.