Sec. 8. Study on carbon pricing
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/bill/117/s/685/is/section-8A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than January 1, 2025, the Administrator of the Environmental Protection Agency (referred to in this section as the Administrator ) shall seek to enter into an agreement with the National Academy of Sciences under which the National Academy of Sciences shall carry out a study not less frequently than once every 5 years to evaluate the effectiveness of the fees established under sections 4692 and 4693 of the Internal Revenue Code of 1986 in achieving the following goals:
A net reduction of greenhouse gas emissions by 45 percent, based on 2018 levels, by 2030. A net reduction of greenhouse gas emissions by 100 percent, based on 2018 levels, by 2050. In executing the agreement under subsection (a), the Administrator shall ensure that, in carrying out a study under that subsection, the National Academy of Sciences— includes an evaluation of— total annual greenhouse gas emissions by the United States, including greenhouse gas emissions not subject to the fees described in that subsection; the historic trends in the total greenhouse gas emissions evaluated under subparagraph (A); and the impacts of the fees established under sections 4692 and 4693 of the Internal Revenue Code of 1986 on changes in the levels of fossil fuel-related localized air pollutants in environmental justice communities; analyzes the extent to which greenhouse gas emissions have been or would be reduced as a result of current and potential future policies, including— a projection of greenhouse gas emissions reductions that would result if the regulations of the Administrator were to be adjusted to impose stricter limits on greenhouse gas emissions than the goals described in that subsection, with a particular focus on greenhouse gas emissions not subject to the fees described in that subsection; the status of greenhouse gas emissions reductions that result from the fees established under sections 4692 and 4693 of the Internal Revenue Code of 1986; a projection of greenhouse gas emissions reductions that would result if the fees established under those sections were annually increased— at the current price path; and above the current price path; an analysis of greenhouse gas emissions reductions that result from the policies of States, units of local government, Tribal communities, and the private sector; a projection of greenhouse gas emissions reductions that would result from the promulgation of additional Federal climate policies, including a clean energy standard, increased fuel economy and greenhouse gas emissions standards for motor vehicles, a low-carbon fuel standard, electrification of cars and heavy-duty trucks, and reforestation of not less than 3,000,000 acres of land within the National Forest System; and the status and projections of decarbonization in other major economies; and submits a report to the Administrator, Congress, and the Board of Directors of the Climate Change Finance Corporation describing the results of the study.