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Fossil Fuel Emissions

Gases released into the atmosphere from burning fuels like coal, oil, and natural gas, which are believed to contribute to climate change.

Assessment

A charge or tax imposed on a person or company, in this case, based on their past carbon dioxide emissions.

Climate Fund

A special account established by the government to collect and manage money specifically for projects and initiatives related to addressing climate change.

Metric Ton

A unit of mass equal to 1,000 kilograms, commonly used for measuring large quantities of materials like carbon emissions.

Assessable Person

A company or individual identified by the bill as being subject to the new tax, based on specific criteria like their historical carbon dioxide emissions and business activities.

Covered Carbon Dioxide Emissions

The total amount of carbon dioxide released into the atmosphere that is directly linked to a company's products and operations, used to determine their tax liability.

Joint and Several Liability

A legal concept meaning that if multiple parties (like related companies in a group) are responsible for a payment, each party is individually responsible for the entire amount, or they can collectively pay it.