The Energy Innovation and Carbon Dividend Act is bi-partisan national climate legislation introduced by Representative Ted Deutch (D-FL-22) as House Resolution 2307 (“H.R. 2307”). H.R. 2307 has 79 current co-sponsors in the House of Representatives, including 28 original co-sponsors. This bill imposes a fee on the carbon content of fossil fuels which include crude oil, natural gas, and coal and it is imposed on the producers or importers of the fuels. The fee is calculated by multiplying the greenhouse gas content of the fuel by the carbon fee rate. Per H.R. 2307, the carbon fee rate begins at $15 per metric ton of carbon dioxide equivalent (CO2e) in 2021, and then increases by $10 each year after that. The carbon fee rate is subject to additional modifications based on the rate of targeted emissions reduction. The collected fees go into a Carbon Dividend Trust Fund to be utilized for administrative expenses and to pay dividends to U.S. citizens or lawful residents.
The City of Miami Beach has an extensive legislative history of adopting policies that support community-wide GHG emissions reduction and is currently developing a Climate Action Plan (CAP) which prioritizes actions that should be implemented to reduce GHG emissions and further sets short-term GHG emissions reduction targets to achieve net-zero emissions by 2050.