Study on carbon pricing

(a) In general Not later than January 1, 2029, the Administrator of the Environmental Protection Agency (referred to in this section as the Administrator) shall seek to enter into an agreement with the National Academy of Sciences under which the National Academy of Sciences shall carry out a study not less frequently than once every 5 years to evaluate the effectiveness of the fees established under sections 4692 and 4693 of the Internal Revenue Code of 1986 in achieving the following goals: (1) A net reduction of greenhouse gas emissions by 45 percent, based on 2018 levels, by 2030. (2) A net reduction of greenhouse gas emissions by 100 percent, based on 2018 levels, by 2050. (b) Requirements In executing the agreement under subsection (a), the Administrator shall ensure that, in carrying out a study under that subsection, the National Academy of Sciences— (1) includes an evaluation of— (A) total annual greenhouse gas emissions by the United States, including greenhouse gas emissions not subject to the fees described in that subsection; (B) the historic trends in the total greenhouse gas emissions evaluated under subparagraph (A); and (C) the impacts of the fees established under sections 4692 and 4693 of the Internal Revenue Code of 1986 on changes in the levels of fossil fuel-related localized air pollutants in environmental justice communities (as defined in section 2(e)(1)); (2) analyzes the extent to which greenhouse gas emissions have been or would be reduced as a result of current and potential future policies, including— (A) a projection of greenhouse gas emissions reductions that would result if the regulations of the Administrator were to be adjusted to impose stricter limits on greenhouse gas emissions than the goals described in that subsection, with a particular focus on greenhouse gas emissions not subject to the fees described in that subsection; (B) the status of greenhouse gas emissions reductions that result from the fees established under sections 4692 and 4693 of the Internal Revenue Code of 1986; (C) a projection of greenhouse gas emissions reductions that would result if the fees established under those sections were annually increased— (i) at the current price path; and (ii) above the current price path; (D) an analysis of greenhouse gas emissions reductions that result from the policies of States, units of local government, Tribal communities, and the private sector; and (E) the status and projections of decarbonization in other major economies; and (3) submits a report to the Administrator, Congress, and the Board of Directors of the Climate Change Finance Corporation describing the results of the study.