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Group files climate complaint against US credit agency over fossil fuel loans

Posted on 12/7/23 at 6:09 pm
Posted by ragincajun03
Member since Nov 2007
25041 posts
Posted on 12/7/23 at 6:09 pm
quote:

DUBAI, Dec 5 (Reuters) - An environmental group on Tuesday filed a complaint with an international organization alleging the U.S. export credit agency still invests taxpayer dollars into fossil fuel projects abroad despite U.S. government pledges to end such investments.

The complaint filed by Friends of the Earth to the Organisation for Economic Co-operation and Development alleges that the U.S. Export-Import Bank's (EXIM) financing of large oil and gas projects abroad violates the Biden administration's promise to stop international public finance for fossil fuels.

It says EXIM has not taken substantive action to reduce its portfolio of greenhouse gas emitting projects and transactions, and does not disclose the full scope of emissions that would arise as a result.

EXIM in a statement to Reuters said it seeks to align with the administration’s climate agenda while complying with a rule that prohibits it from discriminating based solely on industry, sector or business.


quote:

Friends of the Earth said that from 2017 to 2021, EXIM financed $5.78 billion in fossil fuels projects compared to $120 million for clean energy.

It said the bank was also considering new fossil fuel projects, including a large oil refinery in Indonesia, an oil project in the Bahamas, gas turbines in Iraq, and the purchase of liquefied natural gas by commodity trading giant Trafigura.

"The agency has repeatedly failed to take responsibility for how its support of fossil fuels impacts communities and worsens climate change," Kate DeAngelis, senior international finance program manager at Friends of the Earth, said.


LINK /

So a bank has chosen to invest more in projects where the likelihood of loan paybacks is greater than other projects. Go figure. What a crazy idea!
Posted by LegendInMyMind
Member since Apr 2019
66696 posts
Posted on 12/7/23 at 6:44 pm to
quote:

alleging the U.S. export credit agency still invests taxpayer dollars into fossil fuel projects abroad despite U.S. government pledges to end such investments.

Are these assholes new? Have they never paid attention to politics? Politicians lie......shocker! They must have been living under a rock their entire lives.
Posted by Northshoretiger87
Member since Apr 2016
4886 posts
Posted on 12/7/23 at 8:47 pm to
“complaint filed by Friends of the Earth alleges taxpayer dollars into fossil fuel projects abroad despite U.S. government pledges to end such investments.”

So they are Team Drill Baby Drill?
Posted by tenderfoot tigah
Red Stick
Member since Sep 2004
11230 posts
Posted on 12/7/23 at 10:03 pm to
Democrats deserve $10/gallon gas with their ridiculous policies.
Posted by Darth_Vader
A galaxy far, far away
Member since Dec 2011
69230 posts
Posted on 12/7/23 at 10:12 pm to
quote:

Friends of the Earth


Or as Democrats call them behind their back, “useful idiots”.
Posted by Trevaylin
south texas
Member since Feb 2019
8702 posts
Posted on 12/7/23 at 10:44 pm to
IN 2015 conservatives in Washington tried to shut down the EXIM bank. Would have gotten carbon credits for sure.
Posted by Auburn1968
NYC
Member since Mar 2019
23156 posts
Posted on 12/8/23 at 1:53 pm to
May they freeze in the dark.
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