The U.S. House of Representatives today voted to approve the United States Export Finance Agency Act of 2019, putting the chamber’s stamp of approval on a 10-year reauthorization of the U.S. Export-Import Bank (EXIM)—the U.S. Government’s largest source of public financing for overseas fossil fuel projects.
The House Financial Services Committee today is considering the reauthorization of the U.S. Export-Import Bank. Should the mark up of H.R. 4863, the United States Export Finance Agency Act of 2019, be approved by the committee, the ten-year reauthorization could allow the bank to finance billions of dollars in fossil fuel projects overseas.
The U.S. Export-Import Bank’s (EXIM) Board of Directors today voted to provide $5 billion in financing for a liquid natural gas (LNG) project in Mozambique, making it the largest federal subsidy for a fossil fuel project in the bank’s history.
The environmental and social impacts of these projects will hurt public health and the water, land, and air. In fact, the U.N. Committee on Economic, Social, and Cultural Rights has urged Argentina to reconsider the exploitation of Vaca Muerta because of its social and environmental impacts on current and future generations.
The U.S. Export-Import Bank’s (EXIM) Board of Directors today voted to approve $5 billion in financing for a liquid natural gas project in Mozambique.
The House Financial Services Committee today will consider a bill to reauthorize the Export-Import Bank, the U.S. government’s official export credit agency. The Ex-Im Bank is one of the largest sources of federal financing for fossil fuel projects abroad.
As Congress considers the reauthorization of Ex-Im Bank, it is a rare opportunity to restrict U.S. financing of fossil fuel projects overseas. Any reauthorization must place a moratorium on the billions of dollars in support the bank provides for coal, oil and gas projects around the world.
Maroš Šefčovič, the European Commission's vice president for the energy union, today held a meeting with the U.S. Chamber of Commerce, capping off a trip aimed at securing long-term fossil fuel energy exports from the United States.