; climate bonds (a) Climate Fund (1) Establishment There is established in the Treasury of the United States a fund, to be known as the Climate Fund . (2) Responsibility of Secretary The Secretary of the Treasury (or a designee) (referred to in this section as the Secretary ) shall take such actions as the Secretary determines to be necessary to assist in implementing the establishment of the Climate Fund in accordance with this Act. (3) Use of funds (A) In general Any amounts deposited in the Climate Fund shall only be used to carry out this Act and the amendments made by this Act. (B) Allocation Not later than the date that is 14 days before the first day of each applicable fiscal year, the Council shall make a determination regarding the allocation of funds pursuant to subparagraph (A) for the following fiscal year. (C) Minimum allocation For each fiscal year, at least 40 percent of the funds deposited in the Climate Fund shall be used to carry out title I, the amendments made by title I, and section 704. (b) Climate bonds (1) Initial capitalization During the 1-year period beginning on the date of enactment of this Act, the Secretary shall issue climate bonds in an amount not to exceed $150,000,000,000 on the credit of the United States, the proceeds of which shall be deposited in the Climate Fund. (2) Future capitalization After the expiration of the 1-year period described in paragraph (1), the Secretary may issue additional climate bonds on the credit of the United States in excess of the limitation established under that paragraph, in an amount not to exceed $150,000,000,000 for each fiscal year. (c) Interest A climate bond shall bear interest at the rate the Secretary sets for Treasury bonds. (d) Promotion (1) In general The Secretary shall take such actions, independently and in conjunction with financial institutions offering climate bonds, to promote the purchase of climate bonds, including campaigns describing the financial and social benefits of purchasing climate bonds. (2) Promotional activities