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U.S. Senate Democrats Target Big Oil for Carbon Polluters Fund | U.S. News®

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WASHINGTON (Reuters) – A group of Democratic U.S. senators on Wednesday unveiled legislation establishing a $500 billion fund to be financed by Big Oil and other “carbon polluters” that they hope to attach to broader climate control legislation expected later this year.

Modeled after the 1980 “Superfund” program in which polluters pay the costs of cleaning up hazardous substances from contaminated lands, the EPA and Treasury Department would identify the nation’s largest “fossil fuel company polluters,” according to Senator Chris Van Hollen.

Next week, Senate Democrats are expected to advance a budget plan that would be the precursor to a $3.5 trillion “human infrastructure” bill Congress would debate this fall.

The bill would include significant investments in programs to tackle climate change by reducing the release of carbon dioxide and other greenhouse gases into the atmosphere.

During a press conference to unveil the legislation, Van Hollen, along with fellow Democratic Senators Edward Markey and Sheldon Whitehouse, did not assess their chances of winning the support of all 48 Senate Democrats and two independents for their initiative.

Asked whether one of the most moderate Senate Democrats, Joe Manchin of coal-producing West Virginia, could be won over, Van Hollen said only that the two would discuss the “Polluters Pay Climate Fund” idea.

“It is a fixed penalty to provide a block of compensation,” Whitehouse said, to “clean up the mess that they knowingly cause.”

(Reporting by Richard Cowan; Editing by Dan Grebler)

Copyright 2021 Thomson Reuters.

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