Kerry announces end to international fossil fuel financing
WASHINGTON, D.C.- Special Presidential Envoy for Climate John Kerry announced a plan to end U.S. public international fossil fuel financing at the World Economic Forum today. The announcement is expected to be included in an Executive Order from President Biden today.
In the past five years, the U.S. International Development Finance Corporation (DFC) and its predecessor, Overseas Private Investment Corporation, approved almost $4 billion for overseas fossil fuel projects. In addition, the U.S. Export-Import Bank has approved over $5 billion for fossil fuel projects abroad in just the last two years. Both have provided billions of dollars annually to fossil fuel projects all over the world, including in Argentina and Mozambique. Other agencies, including the U.S. Trade and Development Agency and the Millennium Challenge Corporation, have provided technical assistance and policy guidance in support of overseas fossil fuel projects.
Kate DeAngelis, International Finance Program Manager, issued the following statement in response:
Friends of the Earth applauds Kerry’s announcement to end overseas fossil fuel financing. It is high time that EXIM, DFC, and the rest of the U.S government stop destroying local communities and the environment by propping up fossil fuel projects abroad. We look forward to an immediate end to this dirty financing.