Senate Democrats push climate change bond bill

Two Senate Democrats have introduced a bill to create a new climate change adaptation fund to be paid for through new federal bonds.

The bond program — from Sens. Barbara Boxer (D-Calif.) and Dick Durbin (D-Ill.) — would provide up to $200 million annually for a Commerce Department grant program to fund climate change adaptation work around the country.   

{mosads}Introducing the bill on Wednesday, Boxer and Durbin compared the climate change bond program to the war bonds sold by the federal government during the World Wars.

Boxer said the bonds would let Americans literally buy into federal climate change work. 

“It gives the American people the chance to adapt to what is coming while we fight to reduce the ravages,” she said at a press conference. “We already see the ravages have started.”

The fund would tap an expert committee — made up of bipartisan appointments — to vet projects designed to adapt to climate change, focusing on everything from droughts to flooding to severe weather events. 

Local and state governments would be asked to kick in 25 percent of the cost of their projects in order to receive grants from the fund. 

The bill is unlikely to find much support in the GOP-controlled Senate. But Boxer, who is retiring from Congress, said she wants to put this in motion now, and Durbin volunteered to take up the mantel when Boxer is gone. 

“I hope, if we can’t pass this this year, I can take up the flag and carry it in her name in years to come so when we talk about finally passing this, it will be known as Barbara Boxer’s legacy,” he said.

—This post was updated at 11:50 a.m.