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.
President Biden cannot claim climate wins while his US Export-Import Bank is propping up a pollutive industry.
Yet again, the U.S. Export-Import Bank is directly contradicting Biden’s climate goals by supporting yet another fossil fuel project.
Today, 27 environmental and civil society organizations from Papua New Guinea, the Asia Pacific region and the United States submitted a letter to the U.S. Export-Import Bank (EXIM) urging it to oppose support for the Category A Papua liquefied natural gas project.
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.