The Clean Competition Act would create a carbon pricing system for domestically produced and imported goods in carbon-intensive industries like steel, cement, chemicals, and paper. Beginning in 2025, companies would pay a charge based on how much greenhouse gas their production generates, with the charge starting at $55 per ton of carbon dioxide equivalent and increasing annually by 5 percentage points plus inflation. Domestic manufacturers and importers of carbon-intensive goods would face these charges, but the charges would gradually decrease for facilities that improve their carbon intensity, and companies could receive refunds if they export these goods. The bill exempts goods from least-developed countries and includes a waiver provision for countries with comparable carbon pricing policies. Revenue from the charges would fund a grant program to help manufacturers reduce their carbon intensity and support international climate programs, with 75 percent of revenues going to domestic clean technology grants and 25 percent supporting global climate assistance.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.