Investing

Manchin says carbon tax ‘not on the board’ in U.S. spending bill talks By Reuters

© Reuters. FILE PHOTO: U.S. Senator Joe Manchin (D-WV) faces reporters outside the U.S. Capitol in Washington, U.S., September 30, 2021. REUTERS/Leah Millis

WASHINGTON (Reuters) -U.S. Senator Joe Manchin said on Tuesday that he is not talking about a carbon tax in negotiations over the spending and infrastructure bills, even as some of his fellow Democrats in the Senate support it as a way to fight climate change.

“The carbon tax is not on the board at all,” said Manchin, a centrist from West Virginia, the top U.S. coal producing state after Wyoming.

Some Democrats, including Senator Ron Wyden, have focused on a carbon tax as a possible alternative as Manchin opposes a key measure in the spending bill called the Clean Electricity Payment Plan. That measure, which would reward power utilities for investing in renewable energy such as wind and solar and fine those who do not, has been backed by Democratic President Joe Biden to achieve his climate goals including cutting U.S. emissions by about 50% by 2030.

Under a carbon tax, the government sets a gradually rising price for each ton of greenhouse gas that polluters emit, incentivizing industries to move to cleaner energy sources.

Manchin urged lawmakers to pass the $1 trillion bipartisan infrastructure bill before the wider spending bill and in time for the U.N. climate talks begin in Glasgow, Scotland, on Oct. 31.

“We have the trust in each other, we should be able to vote immediately on the bipartisan infrastructure bill, which is a tremendous piece of legislation for the President (Biden) to take with him to Glasgow,” Manchin told reporters.

Progressive (NYSE:) Democrats have said the bills should be passed together to ensure that the debate on wider legislation on climate and social programs does not slip into next year, or get abandoned altogether.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Most Related Links :
Business News Governmental News Finance News

Need Your Help Today. Your $1 can change life.

[charitable_donation_form campaign_id=57167]

Source link

Back to top button