The bill, titled the "Clean Competition Act," amends the Internal Revenue Code to establish a carbon intensity charge on certain goods. This charge applies to both imported primary and finished goods, starting in 2026 and 2028 respectively, and to domestically produced primary goods from eligible facilities beginning in 2026. Its core purpose is to incentivize the reduction of greenhouse gas emissions by penalizing goods with higher carbon footprints. The carbon intensity of goods is calculated based on covered emissions from production and electricity use, relative to the quantity produced. For imported goods, a default economy-wide carbon intensity is applied, but this can be adjusted based on available industry or manufacturer-specific data from transparent market economies. The charge is determined by the amount a good's carbon intensity exceeds a baseline, multiplied by its quantity and a "cost of pollution," which starts at $60 in 2026 and increases annually. To prevent competitive disadvantages, the bill provides rebates for exported primary and finished goods that have incurred a domestic carbon intensity charge. Additionally, the charge may be waived for imports from countries with comparable carbon pricing policies that are not rebated. Facilities can also reduce their charges by demonstrating verifiable carbon removal through direct air capture, subject to specific requirements and limitations. The legislation introduces the concept of "carbon clubs," allowing the President to negotiate agreements with foreign countries to accelerate global decarbonization. Member countries must ensure interoperable carbon intensity measurement, permit validation, and uphold international labor rights. These agreements also require domestic and trade policies that reduce carbon intensity and prevent transshipment, with benefits including potential waivers of the carbon intensity charge for compliant countries. Beyond the charge, the bill establishes two key programs within the Department of Energy to foster industrial competitiveness. One program offers grants, rebates, or low-interest loans for investments in advanced industrial technology to reduce carbon intensity in existing facilities or achieve best-in-class intensity in new ones. The second program utilizes contracts for difference to support the production of eligible low-carbon goods, awarded through competitive auctions. These domestic investment programs are funded by a portion of the revenues generated from the carbon intensity charge. Specifically, 25 percent of the revenue increase, once it exceeds $100 billion, will be appropriated annually to the Department of Energy. Similarly, 25 percent of the revenue increase, after the same threshold, will be allocated to the Department of State for bilateral and multilateral assistance. The State Department's funding is dedicated to supporting global climate and clean energy programs, with a priority on facilitating carbon club negotiations and assisting lower-income countries. This comprehensive approach aims to reduce global greenhouse gas emissions, secure access to low-carbon materials, strengthen market competitiveness, and advance U.S. national security interests.