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.
Environmental groups sued the United States International Development Finance Corporation (DFC) today for illegally exempting itself from the Sunshine Act, which requires multi-member federal agencies to open deliberations to the public.
Today, in the lead up to President Biden’s Climate Summit, the U.S. International Development Finance Corporation (DFC) announced it will be net zero by 2040.
We, as environmental NGOs based in both the U.S. and Japan, call on President Biden and Prime Minister Suga to take strong leadership on ending public support for coal, oil and gas expansion projects which do not align with the 1.5 degrees Celsius goal.
The U.S. government has spent more than $44 billion on fossil fuel projects overseas over the last decade.
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.