As Finance Committee Considers Ex-Im Reauthorization, Congress must end fossil fuel financing
WASHINGTON, D.C. – 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.
In its current form, the reauthorization bill does not include commitments to end fossil fuel subsidies and fails to address a number of other environmental, public health and human rights concerns.
In response to today’s mark-up, Doug Norlen, Friends of the Earth’s Economic Policy Program Director, issued the following statement:
Reauthorizing the Ex-Im Bank without curbing financing for dirty fossil fuel projects defies warnings from scientists about the climate crisis. When it was last active, Ex-Im Bank provided an average of $5.5 billion for fossil fuel projects per year, with over $10 billion for oil, gas and coal in fiscal year 2012 alone.
Additional financing for fossil fuel infrastructure will only exacerbate the climate crisis, harm the health of communities and accelerate the corruption associated with these projects.
House Financial Services Committee members must take a stand against subsidizing Big Oil and King Coal abroad. Standing up for communities and habitats around the world demands an end to fossil fuel financing by the Export-Import Bank.