Senate Bills Provide Bipartisan Path Toward Lowering Global Pollution and Boosting U.S. Manufacturing

December 07, 2023 08:25 AM AEDT | By 3BL
Follow us on Google News:

December 6, 2023 /3BL/ - Ceres applauds U.S. Sens. Bill Cassidy (R – LA) and Sheldon Whitehouse (D – RI) for each introducing legislation that would create a Carbon Border Adjustment Mechanism (CBAM) — otherwise known as a foreign polluter fee — in the U.S. Together, the bills showcase a bipartisan opportunity to lower global climate pollution by leveraging American leadership in clean manufacturing, while also advancing U.S. economic, geopolitical, and national security interests.

The legislation from Sen. Cassidy and Sen. Whitehouse differ in some areas, but both bills are premised on assessing fees on imports that do not meet U.S. environmental standards, supporting domestic economic growth, and encouraging cleaner manufacturing overseas, including through export of U.S. technology.

“A carbon border adjustment mechanism would bring substantial climate, manufacturing, national security, and geopolitical benefits to the U.S. and its economy, while cementing America’s global leadership in clean industry and environmental stewardship,” said Zach Friedman, director of federal policy, Ceres. “This pro-growth, market-based policy has the support of U.S. companies and will encourage businesses and governments around the world to cut pollution that harms the climate and risks economic growth. It also presents a major opportunity to continue the boom in clean technology investment, bringing new economic opportunities across the U.S. while reducing pollution in the communities suffering the most from environmental damage both domestically and around the world. We are grateful to Sens. Cassidy and Whitehouse for introducing these bills, demonstrating the potential for U.S. trade policy that refuses to give polluters an unfair advantage. We urge lawmakers of both parties to negotiate a bipartisan bill to pass this Congress, giving America’s businesses and workers a level playing field to compete and win the race to build an abundant clean energy future for all.”

Throughout 2023, Ceres has worked to build support among companies and investors for a CBAM. In May, at the annual LEAD on a Clean Economy advocacy event, Ceres hosted Sen. Cassidy in a meeting with large U.S. companies to discuss the concept, and the organization has also supported efforts to quantify the pollution associated with foreign-made products and how it compares to U.S. products.

A CBAM would be especially valuable for the U.S. as other governments, including the European Union, introduce their own, setting up the possibility of trade agreements between markets that assess imports for their climate impacts. By leveraging recent federal legislation driving business investment in clean U.S. industry, it would also help to restore manufacturing in U.S. communities, while encouraging pollution reduction and clean energy investment in places most heavily impacted by pollution — both domestically and around the world.

About Ceres

Ceres is a nonprofit organization working with the most influential capital market leaders to solve the world’s greatest sustainability challenges. Through our powerful networks and global collaborations of investors, companies and nonprofits, we drive action and inspire equitable market-based and policy solutions throughout the economy to build a just and sustainable future. For more information, visit ceres.org and follow @CeresNews.

Media Contact: Helen Booth-Tobin, [email protected], 617-247-0700 ext. 214


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.



Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK