Senators introduce carbon border data bill
Chris Coons and Kevin Cramer have unveiled the CBAM data bill we told you about Tuesday.
Why it matters: The legislation aims to lay the political and informational groundwork for a carbon border adjustment mechanism in the U.S.
Details: The PROVE IT Act, rolled out yesterday, would direct the Energy Department and other agencies to comprehensively study industrial greenhouse gas emissions.
- That means determining the emissions intensity of goods like steel and cement produced in the U.S. and around the world.
- The study would also look at challenges to verifying emissions data from other countries.
Of note: The bill has a sizable group of cosponsors, including Angus King, Lisa Murkowski, Martin Heinrich, Lindsey Graham, Sheldon Whitehouse, Bill Cassidy and John Hickenlooper.
- "I think you'll find support for it among lawmakers who have diverse interests on trade policy, diverse interests on climate policy," said Greg Bertelsen, CEO of the Climate Leadership Council.
- Supporters think the bill would give the U.S. an advantage as the EU implements its own CBAM in the coming months.
- They hope to get it attached to larger legislation this year.
What they're saying: Cassidy, who is leading an effort to develop a GOP carbon tariff bill, called it "an essential step."
- "It also is bringing the issue to the forefront for people [politically]," he told Axios.