If EXIM provided domestic support for the fossil fuel industry as it did for Freeport LNG, such financing would undercut the Biden-Harris Administration’s climate commitments.
As the main purpose of the refinery is to produce gasoline and diesel, EXIM support for this project would be in violation of President Biden’s climate executive orders and plans.
Friends of the Earth United States (FOE) writes to express deep concern for EXIM’s consideration of Pengerang Energy Complex (PEC) Petrochemical Project in Penerang, Johor, Malaysia.
DPFs make up a significant portion of World Bank financing, representing 26 percent of overall Bank financing in the latest Retrospective period covering July 2015 to June 2021.
Building on the commitment that the United States made in Glasgow to “end new direct public support for the international unabated fossil fuel energy sector by the end of 2022,” President Biden put forward a government-wide performance standard for all energy financing overseas.
New report reveals that from 2018 to 2020, at least USD 10.9 billion per year was provided for financing oil, gas & coal projects by Japan.
Although increasingly recognizing their role in driving biodiversity loss, banks have yet to develop consistent, comprehensive policies and practices in ensuring that their direct and indirect financing does not cause or accelerate biodiversity loss. In an attempt to address biodiversity impacts, many banking institutions have embraced “no-net loss” or “net gain” commitments, which inherently rely on offset schemes. While biodiversity offsets may seem like a seductively simple solution to a complex problem, “Fool’s Paradise:…
Urgent action is needed to ensure 2021 marks the end of international public finance to fossil fuels. This would free up significant support for clean energy and a just and equitable transition worldwide.
Friends of the Earth United States (FOE) writes to express deep concern for EXIM’s consideration of Pengerang Energy Complex (PEC) Petrochemical Project in Penerang, Johor, Malaysia.