A new report released by Friends of the Earth U.S. and Oil Change International reveals G20 countries have provided at least $77 billion a year in public finance to oil, gas and coal projects since the Paris Climate Agreement.
A network of secretive, government-backed financial institutions called export credit agencies are handing more than $31 billion USD per year to the oil, gas, and coal industry, new analysis by Oil Change International and Friends of the Earth U.S. shows.
This is a monumental failure of leadership. Bad deals like this are not why we send Democrats to Washington.
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.