Victory: Ex-Im Bank Won'tt Finance Long Phu Coal Plant

In Victory for Climate, Ex-Im Bank Will Not Finance Long Phu Coal Plant

WASHINGTON, D.C. – The U.S. Export-Import Bank (Ex-Im Bank), the U.S. export credit agency, last Thursday posted on its website that the application to finance the Long Phu 1 coal plant in Vietnam had been withdrawn.

A series of reports by Friends of the Earth showed that the proposed Long Phu 1 coal plant’s climate impact will be worse than claimed  and will violate international environmental policies, including restrictions on financing for coal plants abroad.

Key Vietnam officials involved in the Long Phu 1 project have been fired and/or sentenced to prison for violating anti-corruption laws. Moreover, the New York Times recently exposed the involvement of U.S. sanctioned Russian banks in the project. Since this story was published, the U.S. Treasury Department sanctioned Russian owned Power Machines, which was a key contractor responsible for building the Long Phu project.

In response to the news, Kate DeAngelis, international policy analyst at Friends of the Earth, issued the following statement:

Ex-Im Bank not supporting this dirty coal plant is a victory against Trump’s promotion of fossil fuels at the expense of our climate and local communities.

Given Long Phu’s intimate involvement with sanctioned Russian entities and corrupt officials, violations of international restrictions on coal financing, and fueling climate chaos, Ex-Im Bank should have long ago considered this project dead on arrival. It’s past time for GE to exit the project as well.

This decision puts the communities near Long Phu 1 one step closer to stopping this coal plant that would leave their land, water, and public health in ruin.

Expert contact: Kate DeAngelis, (202) 320-4742, [email protected]
Communications contact: Patrick Davis (608) 770-4800, [email protected]

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