Skip to content
Subscriber Only

Progressives Push for Fossil Fuel Firms to Pay into Climate Fund

  • Payments would generate $500 billion over the next decade
  • Democrats eyeing for inclusion in tax and spending package
Jamaal Bowman speaks during a news conference in the Bronx borough of New York.

Jamaal Bowman speaks during a news conference in the Bronx borough of New York.

Photographer: Jeenah Moon/Bloomberg

Progressive Democrats want to require the nation’s largest fossil fuel companies to finance $500 billion in climate efforts over the next decade.

More than 40 Democrats, in a letter Friday to House leaders, are urging House leaders to create this new climate fund in the $3.5 trillion tax and spending plan that forms the core of President Joe Biden’s economic agenda. Companies affected by the proposal would include Exxon Mobil Corp., Royal Dutch Shell Plc, Chevron Corp., and BP Plc