Senate Democrats seek $ 500 billion in damages from fossil fuel companies


Well-known and progressive Senate Democrats have expanded their climate wish list for the trillion-dollar package that the White House and Democratic leaders want to move through budget adjustments.

News promotion: Senator Chris Van Hollen (D-Md.) Is leading a 10-year fee push of $ 500 billion from a large fossil fuel company to help finance a climate change initiative.

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  • Co-sponsor Proposed plan Includes Bernie Sanders, Budget Committee Chairman, and Elizabeth Warren.

  • The New York Times has more here Plans to evaluate fossil fuel producer and refiner rates based on emissions from 2000 to 2019.

What we don’t know: Whether the plan is likely to proceed. Senator Chuck Schumer, the leader of the Senate majority, declined to comment.

  • Van Hollen said at a news conference that supporters were in contact with Schumer’s team.

  • Maryland Senator described it as something in the menu of options to help finance a settlement package that has several climate initiatives.

conspiracy: Van Hollen also said he would sit down with Senator Joe Manchin (DW.Va.) To discuss ideas. Manchin is one of the most conservative and fossil fuel-backed Democrats in the Chamber of Commerce, and he is likely to reject it, according to a note from research firm ClearView Energy Partners.

  • However, the construction of the plan could limit the benefits of fossil fuels operating in his state, especially the impact on coal producers.

  • This is due to the emissions standards of companies facing financial difficulties and fees and exemptions.

Big picture: According to ClearView’s memo, the plan is long-term, but “the domestic climate change debate may go beyond market-based past modality and go deeper into command-oriented terrain. Another sign of “.

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