Boxer, Durbin Introduce Climate Change Adapt America Bond Act

Press Release

U.S. Senators Barbara Boxer (D-CA) and Richard Durbin (D-IL) today introduced legislation that would authorize the Treasury Department to issue up to $200 million annually in "Climate Change Bonds." Modeled after the successful War Bonds program implemented by the United States during World War II, these savings bonds would be purchased by Americans concerned about climate change. The proceeds would support investments that help states and local communities prepare for the impacts of climate change.

"In 1942, 85 million patriotic Americans purchased War Bonds to support our country's war effort. We need that same commitment today to protect ourselves against the potentially devastating effects of climate change," Senator Boxer said.

"Scientists aren't the only ones warning the world about climate change, our military and even the insurance industry are taking this threat into their planning," said Senator Durbin. "They are planning for the impact climate change is already having: flooding coastlines and year-round forest fires. This bill will help people fight climate change by buying bonds, which will in turn help communities prepare for and deal with the damaging effects of climate change."

Revenue from the bonds would go into a newly created "Adapt America Fund" administered by the Secretary of Commerce. States, municipalities and other public entities would apply to the Fund to finance climate change adaptation and infrastructure resilience projects.

To help award the funds, the Secretary would use guidelines developed by the Climate Change Advisory Commission - an 11-member commission created by the bill and composed of experts in adaptation and climate-resilient infrastructure. To leverage funds raised by the sale of Climate Change Bonds, selected entities must match at least 25 percent of the funds they receive.

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