S. 987

100 by '50 Act

This bill calls for the United States to aggressively reduce carbon pollution as rapidly as practicable and achieve 100% clean and renewable energy by 2050.

It provides financial support (e.g., grant programs and loans) for clean and renewable energy, including support for affordable zero-emission vehicle-based public transportation, solar energy, and energy efficiency retrofits in homes.

The bill provides job training, unemployment compensation, health benefits, and pension and other benefits and services to adversely affected workers employed in the fossil fuel energy sector.

The bill amends the Public Utility Regulatory Policies Act of 1978 to create annual caps on fossil fuel electricity beginning in 2022 and ending in 2050 when it is phased out.

The Department of Energy (DOE) must establish a grant program for energy storage and dispatchable energy technologies.

The bill provides financial incentives (e.g., tax credits and grants) for clean and renewable energy, energy efficiency improvements, and energy storage.

The bill amends the Clean Air Act to establish a zero-emission vehicle standard. In addition, it establishes: (1) a carbon fee to transition the commercial aviation, maritime transportation, and rail sectors away from fossil fuel usage; (2) grant programs for zero-emission vehicles; (3) a national highway decarbonization grant program; and (4) tax credits for electric vehicles, hybrid trucks, biofuels, and alternative fuels.

DOE must also establish a zero-emission residential and commercial heating grant program.

The bill: (1) terminates specified fossil fuel subsidies, and (2) creates a climate duty for carbon-intensive products imported from other countries.

The Department of the Treasury must issue climate bonds. The proceeds of the bonds must be deposited in the Climate Fund, which may be used to carry out the bill.