International Sustainable Finance
At Friends of the Earth, we work to strengthen and raise environmental and social standards at international financial institutions. Our goal is to promote the highest environmental, social, climate, and sustainability standards and practices in the international banking sector in an effort to protect the environment, communities, and climate on a local and global level.
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 board of directors of the Overseas Private Investment Corporation late yesterday approved $450 million in financing for a series of unconventional oil and gas projects in Argentina’s Vaca Muerta region.
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.
An obscure government agency, the U.S. Export Import Bank (EXIM), will decide this week whether or not to fund a $5 billion liquefied natural gas (LNG) investment, the agency’s largest transaction ever.
It fails to transfer to the new institution OPIC’s existing environmental, social, climate, transparency, worker rights, human rights, indigenous peoples, gender, anti-corruption and accountability policies — putting communities, the environment and the U.S. government at risk.
Through the U.S. Export-Import Bank (Ex-Im), Trump is pushing developing countries toward dependence on coal for decades to come.