# Summary of H.R. 9230: Climate Pollution Standard and Community Investment Act of 2024
This legislation establishes a comprehensive federal cap-and-trade system to reduce greenhouse gas emissions while supporting affected workers and communities. The bill amends the Clean Air Act to create binding annual emissions reduction targets, requiring covered entities like power plants, refineries, and major industrial facilities to surrender emission allowances equal to their greenhouse gas output.
The program targets a 5 percent emissions reduction by 2026 compared to 2022-2024 levels, declining to 10 percent of 2005 emissions by 2050. The EPA will establish and auction emission allowances, with a starting minimum price of $15 in 2026, adjusted annually for inflation. Proceeds from allowance auctions fund four dedicated trust funds: the Worker and Community Assistance Fund, the Cleaner Air Community Fund, the Negative Emissions Activities Fund, and the Energy Innovation Fund. These funds support clean energy rebates for low-income households, economic transition assistance for coal and fossil fuel communities, air quality improvements in disadvantaged areas, and clean energy research and development.
The bill creates an Office of Energy and Economic Transition to provide wage assistance, healthcare continuation, and education benefits to workers displaced by the transition away from fossil fuels. It establishes Community-Based Transition Hubs to help affected communities diversify their economies. The legislation also includes an international reserve allowance program requiring importers of carbon-intensive goods to purchase allowances, addressing competitiveness concerns. Regulations must be finalized within 24 months, with the program beginning in 2026.
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