; and (B) establish a program to reduce emissions from that sector through investment in international clean and renewable energy projects. (e) New grant program authority (1) In general The Council may establish such new programs as the Council determines to be appropriate to provide grants for not more than 20 percent of the costs incurred in connection with the acquisition of components for, or the development, construction, or engineering of, activities and programs described in a plan developed under subsection (d). (2) Funding The Council may use to carry out this subsection such amounts in the Climate Fund as are not otherwise expended to carry out this Act and the amendments made by this Act. (f) Carbon fees If, in conducting the 2040 review under subsection (d)(4) for any sector (other than sectors covered under section 101 and title II), the Council determines that new authority is necessary to meet a target established under subsection (d), the Secretary of the Treasury may, in consultation with the Council, assess the fees necessary to meet the target under subsection (d). 702. Climate Fund