Overnight Finance

On The Money: Biden administration to limit international financing for fossil fuels | Pelosi floats procedural move on infrastructure bill

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THE BIG DEAL—Biden administration releases guidance limiting international financing for fossil fuels: The Biden administration on Monday said it would vote against decisions by the World Bank and other multilateral development banks to fund most projects that would develop fossil fuels

The announcement was released in guidance that said the U.S. would oppose new coal-based projects and would also oppose most oil-based projects — with a few exceptions: The U.S. will still offer support for some natural gas projects and is also open to carbon capture projects in which emissions from burning fossil fuels are captured and stored instead of being released into the atmosphere. 

“Today, the United States takes bold, proactive steps to address the climate crisis by working with our international partners to establish a clear path to end Multilateral Development Banks’ support for fossil fuels except in exceptional circumstances while helping developing countries build a strong and sustainable future,” Treasury Secretary Janet Yellen said in a statement about the new guidance. The Hill’s Rachel Frazin breaks it down here.

The reaction: Some environmental groups were unsatisfied with the guidance, arguing that it did not go far enough to eliminate fossil financing. 

“The Treasury guidance leaves loopholes for continued fossil fuel financing that are so big, you can drive an LNG ship through them,” Luisa Galvao, International Policy Campaigner at Friends of the Earth U.S., using an acronym to reference liquified natural gas. 

LEADING THE DAY

Pelosi floats procedural move on infrastructure bill: House Speaker Nancy Pelosi (D-Calif.) on Sunday floated a procedural move on the bipartisan infrastructure bill, but the idea did not satisfy a group of moderates who are pushing for a quick vote on passage of the measure.

The House is returning to Washington next week in order to pass the Senate-approved $3.5 trillion budget resolution that will pave the way for a social spending bill that can pass with only Democratic votes. 

  • Some moderate Democrats are seeking an immediate vote on the bipartisan infrastructure bill that the Senate passed earlier this month and have threatened to vote against the budget resolution unless the House first votes on the infrastructure bill. 
  • But Pelosi and progressive lawmakers do not want the House to pass the infrastructure bill until the Senate also passes a social spending bill.

In an effort to take moderates’ priorities into account, Pelosi said in a letter to colleagues Sunday that she has asked the House Rules Committee to “explore the possibility of a rule that advances both the budget resolution and the bipartisan infrastructure package.” The Hill’s Naomi Jagoda tells us how this would work here.

GOOD TO KNOW

  • Sen. Marco Rubio (R-Fla.) knocked President Biden over the expansion to the child tax credit included in his coronavirus relief law enacted earlier this year, arguing the move was “the first step toward a universal basic income” in a recent opinion piece. 
  • The U.S. government has opened a formal investigation into Tesla’s partially automated Autopilot system after a series of crashes with emergency vehicles.
  • CNBC: “Spirit Airlines said Monday that its massive flight disruptions in recent weeks that affected tens of thousands of customers and caused chaos at airports around the country cost it about $50 million in revenue.”
  • AP: “A three-judge panel with the U.S. Court of Appeals for the District of Columbia is expected to rule this week on whether a moratorium against evictions imposed by the Centers for Disease Control and Prevention will stand.”
Tags Janet Yellen Joe Biden Marco Rubio Nancy Pelosi
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