EXIM Bank reauthorization could mean ten years and billions of dollars for dirty fossil fuel projects
WASHINGTON, D.C. – 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.
Rep. Rashida Tlaib (D-Mich.) will introduce an amendment that would phase out EXIM’s fossil fuel financing. Some Democrats on the committee, including Rep. Sean Casten (D-Ill.), refuse to vote for this or any other amendment that would have a meaningful impact on EXIM’s support for fossil fuels.
In response to the markup, Kate DeAngelis, senior international policy analyst at Friends of the Earth, issued the following statement:
The House Financial Services Committee must not reauthorize EXIM unless it completely phases out fossil fuels. We are living in a climate emergency, yet EXIM continues to provide billions of dollars for heavily polluting fossil fuel projects that wreak havoc on local communities and the climate.
We commend Rep. Tlaib’s leadership in trying to curb EXIM’s climate killing ways. Regrettably, supposed climate champions like Rep. Casten stymied those efforts as he did the bidding of the fossil fuel industry to ensure that no meaningful restrictions were put in place. Unless fossil fuel financing is curtailed, members of congress should oppose the reauthorization of EXIM.