Top congressional Democrats on Tuesday introduced a bill that would set up a government fund to pay for global warming adaptation projects and also would authorize up to $200 million annually in “climate change bonds” to be sold to the public.
The bicameral measure, introduced by Sen. Richard Durbin of Illinois and Rep. Ted Deutch of Florida, both Democrats, has virtually no chance of advancing in either chamber of Congress, both of which are controlled by Republicans. But it does allow Democrats to claim that, despite President Trump’s efforts to roll back climate-change programs and federal environmental regulations, they’re still pressing ahead with ambitious legislation.
“There’s no time to waste. We need to jumpstart federal investments into projects that will help build resilient communities around the country that are prepared to meet the real world challenges,” Mr. Deutch said in a statement. “I am thrilled that these climate change bonds will give Americans the opportunity to take action. What better gift for a newborn or high school graduate than purchasing a bond that invests in a clean planet for their future?”
The bill, titled the “Climate Change Adapt America Fund Act,” would set up a new government fund, overseen by the Commerce Department, that would fund climate resiliency projects, such as preparing coastal areas for rising sea levels.
The legislation also would direct the Treasury Department to offer as much as $200 million each year in climate-change bonds, the proceeds of which would go toward the climate resiliency projects.
“Americans are seeing the impact of climate change everywhere — from flooding coastlines and year-round forest fires, to extreme droughts and food shortages,” Mr. Durbin said in a statement. “I’m proud to introduce this bill with Congressman Deutch, which would give Americans an opportunity to help communities prepare for and deal with the damaging effects of climate change.”