‘A BILL
To address climate disruptions, reduce carbon pollution, enhance the use of clean energy, and promote resilience in the infrastructure of the United States, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) SHORT TITLE—This Act may be cited as the ‘‘Climate Protection Act of 2013’’
…’

jumping ahead to the key detail – the cost per ton pricing schedule:

‘(3) APPLICABLE AMOUNT.—For purposes of paragraph (1), the amount of the fee shall be—

(A) for the first calendar year, $20;
(B) for each calendar year occurring after the first calendar year and before the 12th calendar year, an amount equal to the sum of—
(i) the amount in effect under this paragraph for the preceding calendar year; and
(ii) the product (rounded to the nearest dollar) obtained by multiplying—
(I) the amount described in clause (i); and
(II) 5.6 percent; and
(C) for the 12th calendar year and any calendar year thereafter, the amount in effect under this paragraph for the preceding calendar year.’

See full text of the bill: http://www.sanders.senate.gov/imo/media/doc/0121413-ClimateProtectionAct.pdf

The cost per ton of carbon emissions in this bill begins at $20 and tops out at $33. Many have previously suggested that this range will be inadequate to prevent the use of fossil fuels. For example Severin Borenstein, Director of the University of California Energy Institute, said in May 2010

“…if you really think through the full economics of what it would take in terms of market mechanisms to remove fossil fuels from the system, a price of $30 a ton isn’t going to do it, and my guess is a price of $80 a ton isn’t going to do it. Because what’s going to happen is as the price of carbon goes up the price of fossil fuels goes down, and they continue to be economic. What the alternatives have to beat is not the current price of fossil fuels, what they have to beat is the true cost of extracting them.”

Applicable amount per ton annually:
Year 1: $20
Year 2: $21
Year 3: $22
Year 4: $23
Year 5: $24
Year 6: $25
Year 7: $26
Year 8: $27
Year 9: $29
Year 10: $31
Year 11: $33
Year 12: $33

Report by James George