WASHINGTON – As part of its International Climate Finance Plan announced during today’s Leaders Summit on Climate, the Biden Administration committed to “end international investments in and support for carbon-intensive fossil fuel-based energy projects” at multilateral and bilateral finance agencies such as the U.S. International Development Finance Corporation and U.S. Export-Import Bank.
While welcome, the announcement fell short of other recent commitments by other institutions and countries. In response to the announcement, Collin Rees, Senior Campaigner at Oil Change International made the following statement:
“Today’s announcement by President Biden on international finance for fossil fuels is a welcome step, but the lack of firm commitments falls short of what’s needed. This is a missed opportunity to end a harmful U.S. climate legacy abroad and add to the growing momentum of other institutions ruling out all public finance for fossil fuels.
“We urge the Biden administration to add a clear commitment to an immediate phase-out, with no loopholes for gas or any other continued fossil support.”