Assessing G20 and MDB International Energy Finance ahead of stop funding fossils pledge deadline
Since taking office, the Biden-Harris Administration have made a series of commitments, executive orders, and guidances towards ending this international public finance for fossil fuels.
The World Bank and its private sector arm, the International Finance Corporation (IFC), are continuing to massively support fossil gas and liquefied natural gas (LNG) build out in Vietnam as part of a so-called “renewable energy transition”
We urge you to demonstrate greater leadership at the IMF and among other IMF shareholders to support the goals of the Paris Agreement.
The IMF should adopt a ‘do no harm’ approach and commit to ensuring that IMF policy recommendations do not actively exacerbate inequalites.
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.