Eugene initiative seeks 2% fee on billion-dollar companies to fund climate projects

A citizen-drafted ballot initiative unveiled in Eugene on Feb 24 would create a local "climate fund" financed by a 2% fee on profits earned in Eugene by companies that report at least $1 billion in annual profits. Proponents presented the measure as a mechanism to pool money locally, saying the proceeds would finance clean-energy projects within the city.

The measure's core financial detail is a 2% fee applied to profits earned in Eugene, not a general sales tax or payroll levy. The threshold targets companies that report at least $1 billion in annual profits, meaning the fee would apply only to so-called billion-dollar companies with recorded profits at that scale. Organizers framed the initiative as city-level action tied to corporate profit reporting.

Backers emphasized local deployment of funds, with the stated purpose of directing revenue into a dedicated "climate fund" for clean-energy projects in Eugene. Because the proposal specifies profits earned in Eugene as the taxable base, supporters argue the revenue would be generated by businesses operating and making money in the city and then invested back into local energy and climate work.

The initiative is citizen-drafted, a detail that indicates it was developed outside of the Eugene City Council and brought forward by private organizers on Feb 24. That citizen-driven origin could shape the campaign and signature-gathering process needed to qualify the proposal for a ballot, and it positions the proposal as a grassroots attempt to secure local financing for climate projects without relying solely on city budget allocations.

How the 2% fee would be calculated, administered, and enforced for companies reporting at least $1 billion in annual profits was not detailed in the initial unveiling on Feb 24. Proponents' description focused on the size threshold and the destination of funds rather than on implementation mechanics. The next steps for the citizen-drafted initiative will determine whether the proposal advances toward voter consideration and whether the proposed climate fund becomes a permanent revenue stream for clean-energy projects in Eugene.