Manchin walks back opposition and agrees to $370 billion for climate and energy and a 40% emissions cut by 2030

• Sen. Joe Manchin on Wednesday agreed to a slimmed down version of Biden's economic agenda.
• The deal includes climate spending and emission reductions goals praised by other Democrats.

A surprise deal struck by Senate Majority Leader Chuck Schumer and Sen. Joe Manchin on a skinnier version of the president's economic agenda included some potentially major wins for the climate.

The bill, which was announced Wednesday but has not yet been released, aims to address high inflation and deliver on some of President Joe Biden's promises, including tax reform and initiatives to address climate change, Insider's Joseph Zeballos-Roig reported.

The agreement would also include cutting carbon emissions 40% by 2030, with $369 billion to go toward energy and climate change programs, according to a fact sheet obtained by CNN.

The climate spending and emission reduction goal come after Manchin, a West Virginia Democrat, indicated earlier this month he wouldn't support additional climate spending, dealing a blow to the party's efforts to address the climate crisis.

But in a lengthy statement released Wednesday, Manchin said the deal, smaller than what other Democrats had wanted, would cut costs for Americans and invest in climate solutions.

"I support a plan that will advance a realistic energy and climate policy that lowers prices today and strategically invests in the long game," Manchin said.

He said the bill "does not arbitrarily shut off our abundant fossil fuels" but focuses on transitioning energy to more sustainable technologies and toward decarbonization.

House Speaker Nancy Pelosi released a statement about the plan, which she also said includes a goal to reduce carbon pollution by about 40% by 2030.

"It is welcome news for House Democrats, who have fought relentlessly to lower the cost of health care, combat the climate crisis and ensure that the biggest corporations and the wealthiest pay their fair share," she said.

Other Democratic senators praised the deal for its climate provisions.

"Holy shit. Stunned, but in a good way," Sen. Tina Smith of Minnesota wrote on Twitter about the climate spending and emissions goal, adding that it was a big deal.

Sen. Sheldon Whitehouse of Rhode Island also celebrated the climate agreements.

"Democrats are about to take the biggest, most serious step in congressional history to lead our only planet to safety in the race against climate change. In doing so, we will also lower energy costs and begin to free ourselves from dependence on foreign despots," Whitehouse said in a statement, adding praise for Schumer successfully striking a deal.

He also said he would continue to fight for additional climate legislation, writing: "While this agreement appears to be a big step towards climate safety, it alone will not be enough to reduce emissions consistent with what science tells us we must do if we are to avoid the very worst effects of climate change."