CCL statement on budget framework
FOR IMMEDIATE RELEASE
OCT. 29, 2021 – The framework of the Build Back Better package released yesterday includes billions in climate-focused investments: clean energy tax credits, renewable energy development, and more. CCL appreciates the work of the Biden administration and Democratic members of Congress on this framework and their inclusion of these historic climate investments.
But this isn’t really about the dollars we spend — it’s about emissions we cut. President Biden has pledged to cut U.S. greenhouse gas emissions 50% by 2030. We are concerned that the investments listed in this framework will not reduce emissions enough to keep that promise. We estimate that the policies outlined so far have the potential to deliver roughly 40% reductions below 2005 levels. Regulations and state-level policies may contribute to additional emissions cuts, but Congress cannot leave our climate goals to chance.
Simply put, a historic level of climate spending will not be enough if we still fall short of our emissions targets. As negotiations on the package continue, we urge lawmakers to include a fee on corporate carbon pollution, which has been at the center of serious discussions and has strong support from many Democratic Senators and House members. This policy will ensure we meet our climate goals without requiring any additional spending. The idea has bipartisan support among the American people and members of Congress, and its time is now.