Legislators Introduce Bill Taxing Energy Firms For Carbon Emissions As Investors Shun Dirty Energy Companies

US Senate Democrats are introducing legislation to tax oil and gas majors responsible for carbon emissions to pay for climate disaster costs. The legislators led by Sen. Chris Van Hollen (D-Md) have called for President Biden to be “bold” on climate. 

Legislators introduce a bill taxing energy corporations on emissions 

The Van Hollen-sponsored Polluters Pay Climate Fund Act will require 25-30 of the US companies responsible for greenhouse gas emissions to pay around $300 billion to a fund for almost ten years. The legislation seeks to make the corporations contribute to the fund for contributing to around 0.05% of global greenhouse gases in the past two decades. 

Van Hollen stated, “What we’re proposing today is a simple but powerful idea, it’s the idea that polluters should pay for the messes they cause … and those that pollute the most should pay the most.”

According to the democratic other policies are expected to accompany the measures, including clean energy standards and carbon pricing. Under the bill, oil majors Chevron Corporation (NYSE: CVX), Royal Dutch Shell plc (NYSE: RDS), and ExxonMobil (NYSE: XOM) will be taxed around $5-$6 billion each year.  Possible use of the fund includes the development of climate-resilient infrastructures in disadvantaged and communities of color. 

Banks accused of doing little about sustainable energy 

As the efforts for clean energy gather momentum, banks have been accused of funding dirty energy companies despite pledging to pull back in years to come. Despite the pressure to do away from operations contributing to global warming, the largest US banks still support fossil fuel companies.

Interesting, stopping investment in fossil fuel firms is only part of the story of having a sustainable future. More needs to be done regarding investment in infrastructure and tech that will support the adoption of clean energy. 

Major US banks, including Bank of America and JPMorgan Chase, have committed to sustainable energy projects. As a result, major fund closing and capital investments in the climate technology sector have surged this year. Notably, there is a surge in the number of investors (creditors) with gas and oil lists that they won’t lend to.

By reading our website you agree to the terms of our disclaimer, which are subject to change at any time. Owners and affiliates are not registered or licensed in any jurisdiction whatsoever to provide financial advice or anything of an advisory nature. Always do your own research and/or consult with an investment professional before investing. Low priced stocks are speculative and carry a high degree of risk, so only invest what you can afford to lose. By using our service you agree not to hold us, our editor’s, owners, or staff liable for any damages, financial or otherwise, that may occur due to any action you may take based on the information contained within our newsletters, website, twitter, Facebook or chat. We do not advise any reader to take any specific action. Our releases are for informational and educational purposes only. Never invest purely based on our articles. Gains mentioned on our website, twitter, Facebook, and on our website may be based on EOD or intraday data. We may be compensated for the production, release, and awareness of this article. We will disclose any and all compensation on the article page. This publication and its owner never hold positions in the securities mentioned in our articles. Our information may contain Forward-Looking Statements, which are not guaranteed to materialize due to a variety of factors. We do not guarantee the timeliness, accuracy, or completeness of the information on our site. The information in our disclaimers is subject to change at any time without notice. We are not held liable or responsible for the information in press releases issued by the companies discussed in these write-ups. Please do your own due diligence