Everything is still very fluid and we are losing vital programs in the Build Back Better every hour at this point. (The latest is paid family and medical leave which I find astonishing. People would really like having that.)
This report from Axios suggests that we may get some decent climate policy, however:
The White House is privately telling lawmakers the climate portion of President Biden’s roughly $2 trillion social spending plan is “mostly settled” and will likely cost more than $500 billion, two sources familiar with the talks tell Axios.
Why it matters: A price tag of $500 billion to $555 billion is a huge number and, if it holds, would likely be the single biggest component of the sweeping package. It also isn’t far off from the roughly $600 billion proposed when the bill was expected to cost $3.5 trillion.
The significant investment underscores the level of commitment Democrats are making to climate change mitigation.
What we’re hearing: Sen. Brian Schatz (D-Hawaii), a key progressive involved in the Senate’s climate talks, also told Axios the bill will cost at least $500 billion.”Everything else is getting a massive haircut, but this isn’t,” Schatz said.
“This will be, just as a matter of fact, the biggest climate bill in human history. At least half a trillion dollars. That’s a pretty good story to tell at the Conference of Parties (COP26),” he added.
The 2021 United Nations climate conference convenes next week in Glasgow, Scotland, and President Biden is attending.
As Axios’ Andrew Freedman notes, having a big climate portion is essential for getting the broader social safety net expansion passed in the House. Given climate is a key priority among progressives, a $500-billion-plus price tag should help.
Driving the news: The remainder of the climate section still under negotiation focuses on how to spread around the $150 billion initially slated for the Clean Electricity Performance Program (CEPP).
That program was nixed due to opposition from Sen. Joe Manchin (D-W.Va.). He chairs the Senate Committee on Energy and Natural Resources, which will determine how to spend the leftover funds.
Sen. Ron Wyden (D-Ore.), chairman of the Senate Finance Committee, told Axios he expects negotiators will devote that money to energy transmission and storage.
The White House hosted roughly a dozen climate advocacy group leaders on Monday to discuss this section of the bill, a source familiar with the meeting told Axios.
Details: The following provisions are expected to be included in the bill, according to a source familiar with the negotiations:
New grants and loans to support industrial sector decarbonization, in addition to expanding relevant tax credits to support this goal.
Manufacturing credits to help grow domestic supply chains for solar, offshore, and onshore wind. Some of those credits will be targeted to the auto and energy communities.
Expanding access to rooftop solar and home electrification.
Expanding grants and loans to rural co-ops to boost clean energy and energy efficiency.
Expanding grants and loans in the agriculture sectors to help them shift to clean energy providers with fewer greenhouse gas emissions.
It’s hardly everything that’s needed. But it’s a good start. If the whole thing doesn’t blow up, let’s hope it gets through.
They wanted to have this in hand before Biden took off for the big climate meeting in Glasgow. That’s not looking good since Manchin and Sinema are still preening. But it appears that this agenda, at least, is still more or less intact. Since this is about saving the planet, that’s good.