Public Energy Financing Overseas
As part of our international sustainable finance campaign, we track government-backed institutions that fund energy projects overseas. We work to end public financing of fossil fuels and to give a voice to affected communities.
52 non-governmental organizations sent a letter establishing criteria for the Biden Administration to select candidates at export and development finance agencies.
ECAs (institutions that finance the international operations of corporations from their home country) are the largest public financiers of fossil fuel projects, spending 14 times as much on fossil fuels as clean energy.
A new report released by Friends of the Earth U.S. and Oil Change International reveals G20 countries have provided at least $77 billion a year in public finance to oil, gas and coal projects since the Paris Climate Agreement.
EXIM continues to invest in projects with severe environmental impacts, human rights abuses, and detrimental effects on local communities and public health.
The headline finding is that from 2016 to 2018 G20 countries provided an average of USD $77 billion a year in public finance for fossil fuels.
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.