After Joe Manchin tanked a major clean-energy plan, Biden will reportedly unveil a massive $500 billion effort to fight the climate crisis

• Democrats' reconciliation bill will include a $500 billion climate investment, Axios reported.
• This reduced investment would not be too far off from Democrats' initial proposal.
• Biden had said the "prestige" of the US was at stake after Manchin opposed a clean-energy provision.

While Democrats are working toward a slimmed-down framework for their social-spending bill, a priority many of them had from the start - significant investments in combating the climate crisis - looks like it might make the cut.

People familiar with the matter told Axios on Tuesday that the climate portion of Democrats' social-sending bill was "mostly settled" and would have a price tag of $500 billion to $555 billion, which isn't too far off from the $600 billion proposal Democrats first proposed under their initial $3.5 trillion package.

President Joe Biden had previously expressed concern that the bill would not meet the urgency of the climate crisis after Sen. Joe Manchin of West Virginia - a centrist Democratic holdout on the bill - opposed the inclusion of the Clean Electricity Performance Program, which would have allowed for Biden to reach his goal to cut carbon emissions in half by 2030.

"This will be, just as a matter of fact, the biggest climate bill in human history," Sen. Brian Schatz of Hawaii told Axios. "At least a half a trillion dollars. That's a pretty good story to tell at the Conference of Parties," he added, referring to the United Nations climate summit in Glasgow, Scotland, next week. Biden, too, is looking ahead to the UN summit, saying the "prestige" of the US is at stake on the world stage without a significant climate plan.

Insider reported on Tuesday that ahead of the climate summit, the UN skewered world leaders over their handling of the climate crisis, with UN Secretary-General António Guterres saying countries were "utterly failing" to meet climate goals and world leaders needed to work to avoid a "climate catastrophe."

To be sure, nothing is finalized yet in Democrats' reconciliation bill, and they have yet to release a framework or bill text, but House Speaker Nancy Pelosi said she planned to do so ahead of Biden's trip to Glasgow. But a $500 billion investment would be a significant win for Biden and progressives amid other cuts to the bill, including free community college and an extended five-year child tax credit, according to CNN.

As the UN has made clear, this climate investment cannot come soon enough. The Paris agreement set a goal to keep global warming from exceeding 1.5 degrees Celsius by the end of the century, but a recent UN report found that unless action was taken quickly, temperatures could rise to about 2.7 degrees Celsius by the end of the century.

And after a UN report in August saying some of global warming's effects would be "irreversible for centuries to millennia," pressure is ramping up on Biden and other countries to meet the urgency of the climate crisis.