Key Points

• Net zero emissions by 2050, at least 2 percent of gdp annually and 10 million new jobs: The Senate Democrat climate plan calls for three main goals 100 percent net zero emissions by 2050, federal spending on climate action to at least 2 percent of gdp annually and creation of 10 million new jobs.
• A blueprint for a post-election bill: The Plan has little chance of passing in the current congress but is an indicator of how Democrats will address climate change if they take control of the senate and defeat president trump in the November election.
• $400 billion price tag: The Senate Democrats’ plan calls for spending $400 billion a year toward building “the clean energy future we all deserve.”
• Few details on how emissions would be cut: Environmental Magazine Grist said, “The plan doesn’t say exactly how we should cut emissions, just how much we should spend.” The Senate plan is “ambivalent on how to cut emissions from electricity, saying that ‘a federal clean energy standard, emissions standards, a carbon price, and/or other market mechanisms’ could all work if tied to massive clean energy spending.”
• Does not address hydraulic fracturing and vague on natural gas : The plan’s writers have been vague on how the plan will address hydraulic fracturing or natural gas in general and “leaves the door open for a number of zero-carbon technologies, including nuclear and carbon capture.”
• Uses financial and economic measures to account for climate change risk: The Senate Democrat climate plan includes provisions to use financial and economic measures to account for climate change risk and encourage investments that could help fight climate change.
• Prevent Gas And Oil Companies From Influencing Elections Through “Dark Money”: The Senate democrat climate plan includes provisions to try to prevent gas and oil companies from influencing elections through “dark money.”
• Emphasizes union jobs: The Senate Democrat climate plan claims the billions of dollars invested in clean energy technology will help achieve its 10 million new job goal with a special emphasis on union jobs.

The Senate Democrat Climate Plan Calls For Three Main Goals 100 Percent Net Zero Emissions By 2050, Federal Spending On Climate Action To At Least 2 Percent Of GDP Annually And Creation Of 10 Million New Jobs

In August 2020, the U.S. Senate Democrats released their own version of a climate change plan. “The Committee’s report calls on Congress to: Reduce U.S. emissions rapidly to achieve 100 percent global net-zero emissions no later than 2050; Stimulate economic growth by increasing federal spending on climate action to at least 2 percent of GDP annually — and ensure that at least 40 percent of the benefits from these investments help communities of color and low-income, deindustrialized, and disadvantaged communities; and Create at least 10 million new jobs.” (Press Release, “Senate Democrats’ Climate Committee Releases New Report On Climate Action, Plan To Build Clean Economy For American People,” Senate Democrats, 8/25/20)

The Senate Democrat plan calls for three main goals. “The Committee’s report calls on Congress to: Reduce U.S. emissions rapidly to achieve 100 percent global net-zero emissions no later than 2050; Stimulate economic growth by increasing federal spending on climate action to at least 2 percent of GDP annually — and ensure that at least 40 percent of the benefits from these investments help communities of color and low-income, deindustrialized, and disadvantaged communities; and Create at least 10 million new jobs.” (Press Release, “Senate Democrats’ Climate Committee Releases New Report On Climate Action, Plan To Build Clean Economy For American People,” Senate Democrats, 8/25/20)

“Reduce U.S. emissions rapidly to achieve 100 percent global net-zero emissions no later than 2050.” (Press Release, “Senate Democrats’ Climate Committee Releases New Report On Climate Action, Plan To Build Clean Economy For American People,” Senate Democrats, 8/25/20)

“Stimulate economic growth by increasing federal spending on climate action to at least 2 percent of GDP annually — and ensure that at least 40 percent of the benefits from these investments help communities of color and low-income, deindustrialized, and disadvantaged communities.” (Press Release, “Senate Democrats’ Climate Committee Releases New Report On Climate Action, Plan To Build Clean Economy For American People,” Senate Democrats, 8/25/20)

“Create at least 10 million new jobs.” (Press Release, “Senate Democrats’ Climate Committee Releases New Report On Climate Action, Plan To Build Clean Economy For American People,” Senate Democrats, 8/25/20)

The Plan Has Little Chance Of Passing In The Current Congress But Is An Indicator Of How Democrats Will Address Climate Change If They Take Control Of The Senate And Defeat President Trump In The November Election

The Senate Democrat plan “reveals Democratic priorities should the party take control of the Senate and defeat President Trump in November.” “Senate Democrats punctuated their goals on climate change yesterday by rolling out a list of policy recommendations ahead of an election that promises to dictate the nation’s direction on emissions reductions. It’s now official: The House, Senate and Democratic presidential nominee have all released lengthy plans to tackle climate change. Yesterday’s report, at over 200 pages, was written by the Democrats’ Special Committee on the Climate Crisis, formed last year by Minority Leader Chuck Schumer (D-N.Y.) and chaired by Sen. Brian Schatz (D-Hawaii). It has little chance of becoming law, but it reveals Democratic priorities should the party take control of the Senate and defeat President Trump in November. A campaign official for former Vice President Joe Biden, who has proposed to enact his own climate plan if he is elected president, praised the document for making climate change ‘a top priority for our country.’ ‘As president, he will work with Congress to implement a bold agenda that addresses the climate emergency, achieves environmental justice, and creates good-paying, union jobs,’ campaign spokesman Matt Hill said in a statement.” (Nick Sobczyk, “5 takeaways from Democrats’ climate report,” E&E News, 8/26/20)

“Should Democrats take back the Senate in November, progressives expect the party to make a play at major climate legislation or, at the very least, incorporate the issue heavily into the next Congress’ response to the COVID-19 pandemic.” “Should Democrats take back the Senate in November, progressives expect the party to make a play at major climate legislation or, at the very least, incorporate the issue heavily into the next Congress’ response to the COVID-19 pandemic. The recommendations are largely comparable to the climate plan from former Vice President Joe Biden’s presidential campaign and from a similar report released by the House Select Committee on the Climate Crisis this summer (Greenwire, June 30).” (Nick Sobczyk, “Senate Democrats recommend trillions in climate investments,” E&E News, 8/25/20)

“This plan allows them to get right down to drafting a bill, Schatz said. It is their playbook, and it gives them lots of options depending on the circumstances.” “This plan allows them to get right down to drafting a bill, Schatz said. It is their playbook, and it gives them lots of options depending on the circumstances. ‘My judgment, watching what other states have done, is what matters the most is scale and ambition. And you could get there with a carbon tax. You could get there with a massive investment program. You could get there with regulation,’ Schatz said.” (Robinson Meyer, “Democrats Are Trying to Save Climate Policy From the Senate,” The Atlantic, 8/25/20)

The Senate Democrat Climate Plan Has A $400 Billion A Year Price Tag But Is Light On Details For How Emissions Would Be Cut

The Senate Democrats’ plan calls for spending $400 billion a year toward building “the clean energy future we all deserve.” “Another day, another 100-plus-page Democratic plan to address our overheating planet and the growing climate crisis. On Tuesday, the Special Committee on the Climate Crisis — a group of 10 Democratic U.S. senators led by Senator Brian Schatz from Hawaii — released a 260-page report calling on the government to spend more than $400 billion a year toward building ‘the clean energy future we all deserve.’ It’s not the first climate plan to be released in recent months, and it won’t be the last. Two months ago, Democrats in the House released a 538-page report to tackle the climate crisis and reduce inequality at the same time. Democratic presidential nominee Joe Biden, meanwhile, has pushed a $2 trillion plan that would eliminate emissions from the electricity sector by 2035 and spur huge investments in clean energy.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

Environmental magazine Grist: “The plan doesn’t say exactly how we should cut emissions, just how much we should spend.” “The Senate plan, however, covers different ground. Here are three ways the Democratic senators’ plan diverges from the other recent plans we’ve seen. The plan doesn’t say exactly how we should cut emissions, just how much we should spend. Compared to other climate plans, the Senate’s climate action roadmap is a little vague on policy specifics. Like the Biden and House plans, it calls for the country to cut carbon emissions to ‘net-zero’ by 2050 — but at this point, that goal, once seen as ambitious, is a must-have.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

The Senate plan is “ambivalent on how to cut emissions from electricity, saying that ‘a federal clean energy standard, emissions standards, a carbon price, and/or other market mechanisms’ could all work if tied to massive clean energy spending.” “The Senate plan, however, is more ambivalent on how to cut emissions from electricity, saying that ‘a federal clean energy standard, emissions standards, a carbon price, and/or other market mechanisms’ could all work if tied to massive clean energy spending. (The plan does support creating or strengthening federal standards for vehicle emissions and pollution from heavy industry.)” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

“According to the senators, the federal government should be spending at least 2 percent of the country’s gross domestic product every year to address climate change — and funneling 40 percent of that spending towards communities on the frontlines of the climate crisis. (They predict this investment will create around 10 million jobs.)” “Though the plan doesn’t commit to a specific strategy for cutting emissions, it does put a price tag on what it will take to cut emissions dramatically. According to the senators, the federal government should be spending at least 2 percent of the country’s gross domestic product every year to address climate change — and funneling 40 percent of that spending towards communities on the frontlines of the climate crisis. (They predict this investment will create around 10 million jobs.)” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

“Based on the current U.S. GDP, that’s around $400 billion a year, almost on par with the $2 trillion Biden has vowed to spend in a four-year period.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

“It would demand that 40% of the benefits from federal climate investments go to ‘communities of color and low-income, deindustrialized, and disadvantaged communities.’ A big chunk of that cash would also go to Department of Energy research and development.” (Nick Sobczyk, “Senate Democrats recommend trillions in climate investments,” E&E News, 8/25/20)

• “The report points to a paper from the think tank C2ES that found Congress should increase the federal climate research budget to $20 billion per year by 2030, including $2 billion annually for the Advanced Research Projects Agency-Energy.” (Nick Sobczyk, “Senate Democrats recommend trillions in climate investments,” E&E News, 8/25/20)

The Plan’s Writers Have Been Vague On How The Plan Will Address Hydraulic Fracturing Or Natural Gas In General And “Leaves The Door Open For A Number Of Zero-Carbon Technologies, Including Nuclear And Carbon Capture”  

The senate plan “leaves the door open for a number of zero-carbon technologies, including nuclear and carbon capture.” “Dive Brief: Senate Democrats on Tuesday released a report laying out policy recommendations Congress should adopt in order to bring the U.S. to a net-zero carbon economy by 2050. The report, released by the Senate Democrats’ Special Committee on the Climate Crisis, calls on Congress to spend at least 2% of annual U.S. gross domestic product (GDP) on climate actions, with 40% of those investment benefits going toward communities of color or underprivileged communities, and require federal financial regulators to ensure publicly-traded companies disclose climate risks, among other measures. It also leaves the door open for a number of zero-carbon technologies, including nuclear and carbon capture.” (Catherine Morehouse, “Senate Democrats reveal climate plan that could ‘almost entirely’ define clean energy policy under Biden admin,” Utility Dive, 8/27/20)

“Asked about the role of natural gas, which some Democrats see as a ‘bridge fuel’ on the way to renewable energy, the senators didn’t give a direct answer. ‘Our focus is on renewable energy generation. Our focus is on conservation and efficiency. Our focus is on making sure that our farms are more profitable, more productive, and play a constructive role in solving the climate crisis,’ said Sen. Brian Schatz (D-Hawaii).” (Rachel Frazin, “Senate Democrats map out climate change strategy,” The Hill, 8/25/20)

• “‘There is an ongoing conversation about how quickly to transition to a totally carbon-free electricity generation portfolio across the country, but it is not our desire to be using fossil fuels indefinitely,’ he added.” (Rachel Frazin, “Senate Democrats map out climate change strategy,” The Hill, 8/25/20)

“There’s also nothing in the plan about banning fracking—not even just on public lands, which former Vice President Joe Biden himself has endorsed. And there’s no proposal to end fossil fuel subsidies, either—another measure Biden says he’s committed to, despite being dropped from the DNC’s platform last week.” (Dharna Noor, “Senate Democrats’ Climate Plan Is a Step in the Right Direction—Except for One Glaring Omission,” Gizmodo, 8/25/20)

“The report similarly leaves the door open for nuclear and carbon capture — two longtime targets of progressive climate advocates — to be part of the solution. ‘We also need to develop ways to reduce the price of on-demand, low-carbon generators, such as geothermal, advanced nuclear, biomass, or fossil generation paired with carbon capture and storage.’” “The report similarly leaves the door open for nuclear and carbon capture — two longtime targets of progressive climate advocates — to be part of the solution. ‘We also need to develop ways to reduce the price of on-demand, low-carbon generators, such as geothermal, advanced nuclear, biomass, or fossil generation paired with carbon capture and storage,’ the report says. ‘Since we can’t know yet which of these technologies will provide the most affordable path to decarbonizing the last fraction of electric sector emissions, we should develop all potential options now,’ it says.” (Nick Sobczyk, “Senate Democrats recommend trillions in climate investments,” E&E News, 8/25/20)

The Senate plan “does not call for a ban on oil drilling on public lands, for instance, and it suggests expanding a subsidy for capturing carbon before it enters the atmosphere, a policy that could benefit oil and gas firms.” “But to the frustration of some activists, the Senate proposal does not go as far as the House or Biden plans in restraining the supply of fossil fuels available to drillers. It does not call for a ban on oil drilling on public lands, for instance, and it suggests expanding a subsidy for capturing carbon before it enters the atmosphere, a policy that could benefit oil and gas firms.” (Robinson Meyer, “Democrats Are Trying to Save Climate Policy From the Senate,” The Atlantic, 8/25/20)

The Senate Democrat Climate Plan Includes Provisions To Use Financial And Economic Measures To Account For Climate Change Risk And Encourage Investments That Could Help Fight Climate Change

“The Senate committee devotes a substantial part of its plan to this oversight, warning that if banks, insurers, and investors are allowed to continue taking on more risk under the assumption that the government will bail them out later, it could lead to a 2008-style economic crisis.” “The plan centers financial and economic risks. Many of the economic risks of climate change are already crystal clear, and yet financial markets have yet to take them into account. The Senate committee devotes a substantial part of its plan to this oversight, warning that if banks, insurers, and investors are allowed to continue taking on more risk under the assumption that the government will bail them out later, it could lead to a 2008-style economic crisis.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

The Senate plan suggests “that the Securities and Exchange Commission (SEC) require publicly traded companies to disclose their climate risks.” “The Senate plan runs with a number of Ceres’ recommendations, including the suggestion that the Securities and Exchange Commission (SEC) require publicly traded companies to disclose their climate risks.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

“It also recommends that the SEC require credit rating agencies to account for climate risk in their methodologies, warning that the current rating system allows the companies that are driving climate change to have easy access to credit.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

“Senate Democrats also want the Federal Reserve to incorporate climate change into U.S. monetary policy and in its ‘stress tests,’ or analyses of how well financial institutions, as well as the entire U.S. economy, can withstand a financial crisis.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

“The plan recommends the U.S. officially join the Network for Greening the Financial System, an international collaboration developing new approaches to financial regulation.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

“The Senate committee contends that they will not only mitigate financial risk, but also reorient the market to make the investments needed to fight climate change look more financially attractive.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

The Senate Democrat Climate Plan Includes Provisions To Try To Prevent Gas And Oil Companies From Influencing Elections Through “Dark Money”

“In the Senate plan, a section on ‘dark money’ seeks to limit Exxon’s and other fossil fuel corporations’ abilities to influence elections and spread disinformation about climate change.” “The plan goes after dark money in politics. Current campaign finance and lobbying laws allow an oil company like ExxonMobil to pour millions into a marketing campaign aimed at greening its public-facing image while simultaneously lobbying against climate policy in Congress. In the Senate plan, a section on ‘dark money’ seeks to limit Exxon’s and other fossil fuel corporations’ abilities to influence elections and spread disinformation about climate change. Citizens United, the 2010 Supreme Court decision that allowed corporations to spend unlimited amounts to advocate for the election or defeat of politicians — anonymously, via shadowy nonprofits, if they wished — ‘allowed fossil fuel political power to effectively capture Republican elected officials nationwide,’ the plan says.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

“The plan says Congress should investigate which corporations are funding which nonprofits, even requiring witnesses from nonprofits who testify before congressional committees to disclose their funding sources — if the funders have a vested interest in the subject at hand.” “In order to curtail the influence of fossil fuel dollars on elected officials, the committee suggests a three-pronged approach: expose, reform, and alert. The initial step is to pull back the veil on fossil fuel industry funding. In order to accomplish this, the plan says Congress should investigate which corporations are funding which nonprofits, even requiring witnesses from nonprofits who testify before congressional committees to disclose their funding sources — if the funders have a vested interest in the subject at hand.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

“To reform the campaign finance system, the plan recommends that the Securities and Exchange Commission create a rule that would require companies to disclose their spending on everything that has to do with influencing politics.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

“The committee also prompts Congress to update and enforce the Honest Leadership and Open Government Act of 2007, which sought to shut the revolving door between the private sector and the federal government (it didn’t work).” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

“And, finally, the plan says Congress should pass legislation mandating transparency in election spending.” “And, finally, the plan says Congress should pass legislation mandating transparency in election spending. The Senate attempted to pass such legislation in 2012 but it was blocked by Republicans. Curiously, the third prong of the committee’s plan for dark money, ‘alert,’ provides little in the way of concrete action. Instead, the senators call on corporate America to use its political clout to put pressure on fossil fuel companies and boost climate action in Congress. ‘Imagine how quickly Congress could act if powerful trade associations like the U.S. Chamber of Commerce and National Association of Manufacturers became advocates for serious pro-climate policies,’ the plan says. ‘Imagine if the powerful banking, agricultural, financial services, technology, and consumer products lobbies came in and demanded real climate action.’ In short, the Senate Climate Crisis Committee knows that politicians can’t build ‘the clean energy future we all deserve’ on their own. The plan isn’t just a roadmap for Democratic lawmakers; it’s also an invitation to major corporations to use their power for the greater good. Are major corporations listening? Time will tell.” (Shannon Osaka, Emily Pontecorvo, and Zoya Teirstein, “3 ways the Senate Democrats’ new climate plan is all about money,” Grist, 8/26/20)

The Senate Democrat Climate Plan Claims The Billions Of Dollars Invested In Clean Energy Technology Will Help Achieve Its 10 Million New Job Goal With A Special Emphasis On Union Jobs

“‘We have the opportunity to build more and better jobs for the American people, jobs that’ll help re-stimulate the economy and aid in our transition to clean energy,’ Senate Minority Leader Charles Schumer (D-N.Y.) told reporters. ‘When Democrats retake the majority in the Senate, we will unify to move swiftly on legislation to tackle the climate crisis. Passing climate legislation will be a top priority for Senate Democrats and for me,’ he added.” (Rachel Frazin, “Senate Democrats map out climate change strategy,” The Hill, 8/25/20)

“The clean energy transition “cannot come at the price of unionized careers,” the report says.” “Voice for unions The report offers an entire section on the priorities of organized labor, which many Democrats are increasingly hoping to include in their climate bill coalition. To that end, one of its top-line goals is to create 10 million new jobs. The clean energy transition ‘cannot come at the price of unionized careers,’ the report says.” (Nick Sobczyk, “5 takeaways from Democrats’ climate report,” E&E News, 8/26/20)

“‘Coal and natural gas electric generation workers have 10 and 11 percent unionization rates, respectively — almost double the national average,’ the report says. ‘This stands in contrast to the current renewable energy sector.’” (Nick Sobczyk, “5 takeaways from Democrats’ climate report,” E&E News, 8/26/20)

“To fix the disparity, the report proposes to tie federal energy grant programs and tax incentives to pro-labor industry policies. It also outlines long-standing Democratic ideas, such as eliminating hurdles to union organizing and including buy American requirements in potential climate legislation.” (Nick Sobczyk, “5 takeaways from Democrats’ climate report,” E&E News, 8/26/20)