Polluters Pay Climate Fund: $1 Trillion Assessment for Resilience and Justice
This law imposes a total assessment of $1 trillion on major fossil fuel companies responsible for significant historical carbon emissions. The collected money establishes the Polluters Pay Climate Fund, dedicated to protecting communities and infrastructure from climate change impacts like extreme weather and flooding. Crucially, 40% of these investments are earmarked for environmental justice communities disproportionately affected by pollution and climate disasters.
Key points
A total assessment of $1 trillion is levied proportionally on fossil fuel companies responsible for over 1 billion metric tons of CO2 emissions between 2000 and 2022.
The revenue creates the Polluters Pay Climate Fund, dedicated to climate resilience, adaptation, disaster response, and environmental justice initiatives.
Funds will support FEMA disaster programs (at least $15 billion annually, to the greatest extent practicable) and strengthen critical infrastructure (energy, water, transport).
40% of the funds must be used for investments that benefit environmental justice communities, including low-income and minority communities.
The Act explicitly preserves the right of citizens and governments to sue polluters for climate-related damages under existing laws.
Status:
Expired
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