Senate Democrats are proposing to overhaul the energy tax code in favor of a trio of incentives based on emissions reductions in a move that environmentalists are lauding but Republicans say would disadvantage fossil fuels.

The bill — from Senate Finance Committee Chairman Ron Wyden, an Oregon Democrat — replaces 44 energy tax breaks and incentives with three emissions-based incentives: clean power, clean fuels, and energy efficiency. The incentives wouldn’t favor a particular technology so long as it reduces carbon emissions. Technologies prompting greater reductions would receive a higher credit.