A new bill introduced in the Senate last week would replicate the War Bonds program of the World War II era by allowing American consumers to buy a new class of savings bonds whose proceeds would support climate adaption projects nationwide.
Sponsored by Sens. Barbara Boxer (D-Calif.) and Richard Durbin (D-Ill.), the “Climate Change Adapt America Bond Act” (S. 2860) would create a new $200 million Adapt America Fund through the sale of climate bonds to the American public. A Climate Change Advisory Commission of appointed officials would develop the framework of the program, which would be administered by the Commerce Department. States, utilities, municipalities and nonprofit organizations would be eligible to apply for funds for projects that the advisory commission and the Commerce Secretary determine are for “a qualified climate change adaptation purpose.” The Commerce Department would ultimately select applicants to receive funding assistance through the program.
Like many other climate change-related bills offered in recent years, S. 2860 is unlikely to advance in the immediate future given Republicans’ control of the Senate.