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White House sets climate spending at $ 555 billion

Passing legislation would help Biden deliver on his promise to cut global warming emissions in the United States by 50 to 52 percent below 2005 levels this decade. As the climate total falls below the $ 600 billion in the Democrats’ initial $ 3.5 trillion plan, it comes at a crucial time for Biden, who is impatient to demonstrate US leadership on climate change.

Democrats fear that the United States The delegation would arrive at the United Nations talks without a national agreement on how to tackle climate change, a failure that would hurt the nation’s climate credibility while giving other countries an excuse to do less. This scenario seemed likely after Senator Joe Manchin (DW.Va.) objection to a $ 150 billion proposal to advance clean energy tipped the climate package into free fall.

“Our aim has always been to send the president to Glasgow with a very strong position,” Senator Ron Wyden (D-Ore.) Told reporters.

It remains to be seen, however, whether Democrats and the White House can agree on a comprehensive framework for the larger social spending plan. Those talks are ongoing, although climate hawks in Congress believe putting this structure in place before Glasgow would be enough for Biden to credibly back his climate vows.

“You have to be able to convince other countries that the United States is on the right track,” Representative Jared Huffman (D-Calif.) Told POLITICO. “How well we can provide that assurance will depend on these negotiations in Congress.”

A person familiar with the negotiations said new initiatives to replace the clean energy program Manchin opposed included grants, loans and tax credits to accelerate the decarbonization of industrial sectors like steel, cement and aluminum.

Other provisions include manufacturing credits to support national solar and wind energy supply chains, with these investments targeted to communities with a history of automotive and energy production; expand grants and loans to rural power cooperatives to promote cleaner energy additions; and increasing agricultural subsidies and loans to encourage the adoption of clean energy.

Anthony Adragna contributed to this report.

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