Yesterday Senators Schumer (D-NY) and Manchin (D-WV) reached an agreement to provide $369 billion for climate and energy projects. For perspective, this is about four times the climate spending in the 2009 American Recovery and Reinvestment Act. While additional climate funding is helpful, particularly for electric vehicles, solar, and wind, core questions about the speed and direction of the U.S. climate policy remain unresolved. Specifically, the Biden administration seems to have become a cheerleader for the fossil fuel industry through actions like new drilling permits and support for new natural gas export infrastructure. Thus, the depth of this administration’s commitment to pursue climate goals in the face of obstacles such as energy inflation remains unclear.
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