Durbin, Deutch Introduce Bicameral Climate Change Adapt America Fund Act

WASHINGTON – (RealEstateRama) — U.S. Senator Dick Durbin (D-IL) and U.S. Representative Ted Deutch (D-FL) today introduced the Climate Change Adapt America Fund Act, bicameral legislation that would create an “Adapt America Fund” administered by the Secretary of Commerce and used to finance climate change adaptation and infrastructure resiliency projects.  The bill would also authorize the U.S. Department of Treasury to issue up to $200 million annually in “Climate Change Bonds” to be purchased by Americans concerned about climate change.  The proceeds would be directed to the “Adapt America Fund” and support investments that help states and local communities prepare for the impacts of climate change.

“Americans are seeing the impact of climate change everywhere – from flooding coastlines and year-round forest fires, to extreme droughts and food shortages,” said Durbin.  “I’m proud to introduce this bill with Congressman Deutch, which would give Americans an opportunity to help communities prepare for and deal with the damaging effects of climate change.”

“With rising tides and sunny-day flooding, my constituents in South Florida are all too aware of the urgent need to respond to climate change,” said Deutch.  “There’s no time to waste. We need to jumpstart federal investments into projects that will help build resilient communities around the country that are prepared to meet the real world challenges.  I am thrilled that these climate change bonds will give Americans the opportunity to take action.  What better gift for a newborn or high school graduate than purchasing a bond that invests in a clean planet for their future?”

The Climate Change Adapt America Fund Act would create a new program to help communities prepare for infrastructure resiliency or climate change adaptation projects.  The bill would do the following:

• Establish an “Adapt America Fund” administered by the Secretary of Commerce, used to finance climate change adaptation and infrastructure resiliency projects;
• Give Americans the opportunity to purchase savings bonds, with the revenue directed to the “Adapt America Fund”;
• Authorize the Treasury Department to issue up to $200 million annually in “Climate Change Obligations”;
• Form an eleven-member Climate Change Advisory Commission, which would develop guidelines to award these funds; and
• Allow states, municipalities, and other public entities to apply for funds to finance new climate adaptation projects, matched by at least twenty-five percent of their own funds.