Washington (CNN) Sen. Cory Booker on Tuesday unveiled a $3 trillion plan for how he plans to combat the climate crisis if elected president, promising to spend on clean energy, phase out the use of fossil fuels and create a 100% carbon neutral economy in the US.

"We are facing a dual crisis of climate change and economic inequality," Booker, who represents New Jersey, said in a statement. "Without immediate action, we risk an incredible human toll from disasters, health impacts, rising national security threats, and trillions of dollars in economic losses."

Booker's plan would require "fossil fuel producers" to pay a carbon fee on coal, natural gas and oil production and end tax subsidies to those industries, but does not go into greater detail about how it would be paid for.

According to the plan Booker released Tuesday, if elected president, he would spend more than $3 trillion by 2030 to create a 100% carbon neutral economy by 2045, which his plan says would create millions of new jobs through investments in clean energy and electric vehicles. As president, Booker would also create a "progressive climate dividend" paid to Americans through new carbon fees placed on fossil fuel producers. He also would take executive action to reverse many of the Obama-era environmental initiatives undone by President Donald Trump.

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