Framework’s climate elements may keep emissions goals in reach

The climate and low-carbon energy elements in President Joe Biden’s $1.75 trillion budget reconciliation framework would likely fall short of what is needed for the U.S. to meet its emissions reduction goals even though the proposal is poised to be the largest climate legislation in the nation’s history, experts said.

Before heading to Italy and then the United Kingdom for back-to-back summits on climate change, Biden presented the outline for climate and social safety net proposals as well as $2 trillion in offsets, including an international tax agreement, more IRS enforcement of tax collection and a fee on corporate stock buybacks.

The agreement was not as aggressive as the administration had originally wanted, but experts said it appeared to be the foundation of a significant climate bill that keeps the country’s climate goals attainable.

“If Congress can deliver this, that keeps our climate goal within reach,” Trevor Higgins, senior director of domestic climate and energy policy at the Center for American Progress, a left-leaning think tank, said in an interview.