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Backup Documents 07/14/2020 Item #10DTHE BIPARTISAN CLIMATE SOLUTION M This bill will drive down America's EFFECTIVE carbon pollution and bring climate change under control. it is: GOOD FOR GOOD FOR THE REVENUE PEOPLE ECONOMY NEUTRAL • 0 Charge a fee on fossil Return 100% of net revenue fuels at the source to households as a dividend (mine, refinery, or first pipeline) FAMILIES GET PAID TODAY paid to households in carbon dividends 0 THEFUTURE $4s410 annual dividend for a family of 4 in year 10 With this policy, most people receive more in carbon dividends than they pay in increased costs for fuel or A" 2.1 other products. They will have more money in their million wallets tospend intheir communities, generating LOCAL newjobs. JOBSMeanwhile, energy companies and leading industries across are motivated to pollute less and save money. America Which means... 80% The money goes back to households as a monthly of middl and low carbon dividend. income households You choose how to spend it. will get aiboost or essenti4 break even Which means... JOBS ARE CREATED TODAY THEFUTURE $240 billion 2.1 million in annual costs from jobs created over 10 years env ironmentalandhealth in local communities harms of fossil fuels A HEALTHIER ENVIRONMENT THEFUTURE AAA TODAY 295,000 lives saved ® 114,000 lives lost through 2030 because each year due to air po(iution ® of better air quality fail 14till, a THURSDAY, JANUARY 17, 2019 Original Co -Signatories include (full list on reverse): 4 Former Chairs of the Federal Reserve (.ill) 27 Nobel Laureate Economists 15 Former Chairs of the Council of Economic Advisers Former Secretaries of the U.S. Department of Treasurer Econonustsl Statement on Carbon Global climate change is a serious problem calling for immediate national action. Guided by sound economic principles, we are united in the following policy recommendations. Tj A carbon tax offers the most s ° cost-effective lever to reduce carbon emissions at the scale and speed that is necessary. By correcting a Nell -known market failure, a carbon tax will send a powerful price signal that harnesses the invisible hand of the marketplace to steer economic actors towards a low -carbon future. ° A carbon tax should increase every year until emissions reductions goals are met and be revenue neutral to avoid debates over the size of government. A consistently rising carbon price will encourage technological innovation and large-scale infrastructure development. it will also accelerate the diffusion of carbon -efficient goods and services. A sufficiently robust and gradually rising carbon tax will replace the need for various carbon regulations that are less efficient. Substituting a price signal for cumbersome regulations will promote economic growth and provide the regulatory certainty companies need for long- term investment in clean -energy alternatives. !1 �/ To prevent carbon leakage and to ° protect U.S. competitiveness, a border carbon adjustment system should be established. This system would enhance the competitiveness of American firms that are more energy -efficient than their global competitors. It would also create an incentive for other nations to adopt similar carbon pricing. VTo maximize the fairness and political ° viability of a rising carbon tax; all the revenue should be returned directly to U.S. citizens through equal lump -sum rebates. The majority of American families, including the most vulnerable, will benefit financially by receiving more in "carbon dividends" than they pay in increased energy prices. !00 L Citizens' Climate lobby (6e, Citizens' Climate Education EDITORIAL PACKET Bipartisan carbon pricing bill offers path to healthy economy, stable climate The Energy Innovation and Carbon Dividend Act is supported by 80 members of Congress across the political spectrum. It has garnered support from businesses, faith groups, NGOs and editorial boards across the country. This landmark bill will put a price on carbon pollution and put money in Americans' pockets, impro ving our climate and our economy. Congress has found a simple, fair, and effective bipartisan climate solution. At the beginning of this session of Congress, Rep. Ted Deutch (D-FL), Rep. Francis Rooney (R-FL) and five other representatives introduced the Energy Innovation and Carbon Dividend Act (H.R. 763). Today, the bill has 80 cosponsors, and the list continues to grow. This bipartisan bill in the House of Representatives will put a price on carbon emissions and allocate the revenue equally to people. It is the only major bipartisan climate bill with significant support in Congress. The Energy Innovation Act will drive down America's carbon pollution at least 40% in the first 12 years, and 90% by 2050. As it does so, it will also improve health and save lives by reducing the pollution that Americans breathe, and boost the economy with millions of jobs. "Polline shows that a majority of Americans, including Republicans, are concerned about climate change and want the government to act to limit carbon pollution," said Mark Reynolds, executive director of Citizens' Climate Lobby. "Since the COVID-19 pandemic, Americans are also understandably concerned about the health of our economy. As public pressure increases for Congress to take action, the Energy Innovation and Carbon Dividend Act provides a solution that is both effective for the climate and smart forthe economy." too Climate scientists are clear that to avoid the worst impacts of climate change, society must dramatically reduce its carbon dioxide emissions. That message was delivered in 2018's National Climate Assessment and the Intergovernmental Panel on Climate Change's report. The IPCC report specifically mentioned carbon pricing as a way forward to effectively reduce emissions and stabilize our climate. The members of Congress supporting the Energy Innovation Act are now working together for the good of the country and for humanity to do just that. Grassroots support Americans concerned about climate change are building grassroots support for this legislation in communities all across the country —including ours. Citizens' Climate Lobby (CCL) is a nonpartisan, nonprofit, grassroots advocacy group with 450+ chapters across the country. In 2019 alone, the volunteers in those chapters: • Held 1,714 meetings with members of Congress and their staff • Held 4,773 outreach events, like community presentations or tabling • Published 4,001 letters to the editor and op-eds in local newspapers • Sent 98,866 letters to Congress Twice per year, every June and November, CCL volunteers travel to Washington, D.C., to meet with legislators on the Hill about this climate solution. In June 2019, volunteers from every state in the nation flocked to the Capitol and held 529 meetings in one day —that means they communicated with nearly every House and Senate office. Though 2020's June event was cancelled due to COVID, volunteers are still scheduling virtual lobby meetings with their members of Congress to encourage them to take action on climate. With this level of constituent pressure for action, more and more members are stepping up each month to cosponsor the Energy Innovation and Carbon Dividend Act. What others are saying about the bill Since its original introduction, the Energy Innovation and Carbon Dividend Act has garnered supportive reactions from economic think tanks, advocacy groups, faith groups and citizens. Here are statements from: • Silicon Valley Leadership Group • Environmental Defense Fund • The Nature Conservancy • World Resources Institute • United States Conference of Catholic Bishops • Presbyterian Church (U.S.A.) too • Friends Committee on National Legislation • Alliance for Market Solutions • Evangelical Environmental Network More than 1,500 organizations and influential individuals have expressed support for the Energy Innovation and Carbon Dividend Act in the form of public endorsements. The bill has also been covered in the national news, including: • CNN • The Atlantic • TIME • The Hill • The Washington Examiner How the Energy Innovation and Carbon Dividend Act works The fee: The Energy Innovation and Carbon Dividend Act will put a fee on all oil, gas and coal we use in the United States based on the greenhouse gas emissions they produce. It will make clean energy cheaper and more attractive than dirty, polluting energy, therefore driving down America's emissions and slowing climate change. The fee starts low at $15 per metric ton of CO2 and grows steadily, increasing $10 per metric ton annually, giving businesses time to adjust and make smart investments for the future. The dividend: The money from the fee will be allocated equally and directly to people as a monthly rebate. Most American households will end up with more money in their pockets to spend as they see fit, which helps low- and middle -income Americans. Former U.S. Treasury Economist Allen Lerman conducted a Dividend Delivery Study in 2017 to explore exactly how this type of dividend could be administered. (This idea of putting cash in Americans' hands also became more tangible than ever during the COVID-19 pandemic, when tens of millions of people received relief checks.) Border carbon adjustment: To protect U.S. manufacturers and jobs, goods imported from countries that do not have an equivalent carbon price will pay a border carbon adjustment. Companies exporting goods from the United States to such countries will receive a refund under this policy. Regulatory certainty: This policy preserves effective current regulations, like auto mileage standards, but pauses the EPA authority to regulate the CO2 and equivalent emissions covered by the fee for the first 10 years after the policy is enacted. If emission targets are not being met after 10 years, Congress gives clear direction to the EPA to regulate those emissions to meet those targets. The pause does not impact EPA regulations related to water too •, . quality, air quality, health or other issues. This policy's price on pollution wilt lower carbon emissions far more than existing and pending EPA regulations. Studies say fee & dividend is good for environment. economy America is already feeling the impact of climate change. Regarding 2018's wildfires out West, for example, climate scientist Michael Mann said, "We can conclude with a great deal of confidence now that climate change is making these events more extreme." Experts are projecting a record -breaking hurricane season for 2020. In recent years in the Carolinas, Hurricane Florence left an estimated $22 billion in damage, most of it from flooding caused by record rainfall. Climate change made Florence more destructive because warmer air holds and releases more water. Sea level rise, also attributable to global warming, increased the storm surge from Florence. Changes in the jet stream, which scientists attribute to a warmer Arctic, also caused Florence to linger for several days and deposit more rain. All of these impacts are costing the U.S. billions of dollars per year. The Energy Innovation and Carbon Dividend Act's price on carbon would shift these runaway costs onto the fossil fuel companies. Those companies, as well as our power and transportation sectors, will be motivated to find cleaner, cheaper ways to power our country, reducing emissions and stabilizing our climate. By returning the revenue to Americans in the form of a monthly dividend, our economy will benefit, too. An evaluation by economists at Columbia University estimates that in the first year of the policy, an American adult will receive around $250 total, and that would rise to around $1,410 by 2030. Not only that, but carbon emissions will plummet. This legislation is estimated to reduce emissions 40 percent in the first 12 years, and 90 percent by 2050. The same Columbia University evaluation indicates that the emissions reductions could be even higher: 45% below 2015 levels by 2030. Polling shows majority support for carbon pricing In 2019, the Yale Program on Climate Change Communication public polling asked respondents if they support "requir[ing] fossil fuel companies to pay a carbon tax." Their Climate Opinion Maps show that nationwide, 66 percent of Americans do support that. In polling conducted in early 2019, the Yale program also found historic levels of concern about climate change generally: 72% of Americans say global warming is "personally important" to them. That number jumped 9 points since March 2018. And 2019 polling from conservative firm Luntz Global showed that 58 percent of GOP voters under 40 are more concerned about climate change than they were a year ago. Asked about a too carbon fee and dividend proposal along the lines of H.R. 763, GOP voters said they would favor such an approach by a 2-1 margin. The polling is clear: America is worried about climate change and wants a price on carbon pollution. With this bill, Congress is responding. Quotes from original bill sponsors Rep. Ted Deutch (D-FL): "Climate change is an urgent threat that demands urgent bipartisan action. With this legislation, we are making clear to our colleagues that bipartisanship is possible - even necessary - to address climate change in this Congress. Our plan, to put a price on carbon and return the net revenue back to the American people, offers our Democratic and Republican colleagues an effective approach to significantly reduce carbon emissions without shifting the burden to the American people." Rep. Francis Rooney (R-FL): "A price on carbon will level the economic playing field in the energy sector, unlock market -driven innovation, and lead to the deployment of low, zero, and negative carbon technologies. It will help create millions of new jobs and slash U.S. carbon emissions dramatically, making it a powerful tool for curbing climate pollution." Rep. Judy Chu (D-CA): "The Energy Innovation and Carbon Dividend Act is a necessary and urgent step in setting our country on the path toward a carbon -free economy. U.S. emissions rose by an estimated 3.4% in 2018, which is why we cannot afford to wait any longer to take action. This bipartisan proposal would aggressively reduce carbon emissions and play an essential part in our country's urgent fight against climate change." Rep. Charlie Crist (D-FL): "Congress must act with the urgency the climate crisis demands. Nowhere is this more clear than in Florida where rising sea levels are impacting our communities. Our bipartisan bill takes historic steps toward reducing carbon dependency - key to addressing the climate crisis - while using the revenue generated to cut a monthly check to every American. A win -win solution!" Rep. Anna Eshoo (D-CA): "I'm proud to be a cosponsor of the Energy Innovation and Carbon Dividend Act which establishes a steadily increasing carbon fee to cut carbon emissions and return the revenue to the American people. This important and practical bipartisan legislation will grow our economy and address climate change. The scientific evidence continues to show that this is one of the most important issues facing our nation and our planet. The science is clear. If we don't take action now, future generations will inherit a planet greatly diminished by sea -level rise, more extreme weather, habitat change and extinctions, and other irrevocable damage." too Rep. Scott Peters (D-CA): "To save the planet we need to give Americans a significant monetary incentive to reduce their carbon emissions. This proposal is an ambitious plan, supported by both Republicans and Democrats, that addresses one of the primary causes of climate change while also igniting economic growth and innovation. It also re-establishes the United States as a leader in the fight to curb climate change by also motivating other countries to adopt carbon pricing." Rep. Dan Lipinski (D-IL): "Climate change is having significant negative effects on our economy and on people's health and daily lives, and we've known for a long time that we need to take serious action. This bill does that in a way that will also create jobs and boost the economy. Similar to the bipartisan carbon fee bill I introduced in 2009, this legislation will refund 100 percent of the revenues collected to the American people. The EICDA will put policies in place to drastically reduce our carbon emissions, and will also create incentives for U.S. businesses to develop the clean technology of the future. I thank Congressman Deutch and the other co-sponsors for the action they've taken and for joining me as leaders in the fight against climate change." Resources More about Citizens' Climate Lobby • Who we are • What we believe in • Where we work More about the Energy Innovation and Carbon Dividend Act: • Cosponsors • Supporters • Economic impacts What other newspapers are saying: • "We see great bipartisan potential in the Energy Innovation and Carbon Dividend Act, or HR 763, which has been championed by the Citizens Climate Lobby." - San Antonio Express -News • "[This bill] merits careful consideration as a huge and decisive step toward a healthier planet." - San Diego Union Tribune • "We are pleased to see the Citizens' Climate Lobby advocate for a bipartisan approach that could break through political paralysis in Washington, D.C." - Portland Tribune Local contact: Name, email, phone