The Polluters Pay Climate Fund Act of 2024 would impose a one-time tax on fossil fuel companies based on their carbon dioxide emissions from 2000 to 2022. Companies responsible for extracting or refining coal, oil, and natural gas would collectively pay $100 billion into a new Polluters Pay Climate Fund, with individual company payments calculated by their share of total covered emissions above one billion metric tons. Companies could elect to pay the assessment in nine annual installments beginning September 30, 2025, with the first installment at 20 percent and eight subsequent installments at 10 percent each. The collected funds would support federal climate resilience and disaster recovery efforts, with at least $15 billion annually going to the Federal Emergency Management Agency for climate-related disaster response and at least $6 billion for environmental justice initiatives, with 40 percent of total annual spending dedicated to projects benefiting low-income communities and communities of color. The bill does not prevent individuals, states, or tribes from pursuing separate legal claims against fossil fuel companies for climate-related damages.
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