Despite President Joe Biden's initiative to embed climate advisers in the Export-Import Bank to scrutinize investments, the agency's support for fossil fuel projects continues unabated.
Sara Schonhardt reports for E&E News.
In short:
- The climate council at the U.S. Export-Import Bank faces challenges in influencing the agency's investment decisions, particularly its continued funding of fossil fuel projects.
- Despite high-level concerns and a public commitment to reduce fossil fuel financing, the bank's actions reflect a disconnect with broader U.S. climate policy goals.
- Recommendations by the climate council for more sustainable investment practices have yet to be adopted, highlighting a gap between advisory input and agency action.
Key quote:
The administration “stands by its commitment to end new direct public support for the international unabated fossil fuel energy sector."— A spokesperson for the White House National Security Council
Why this matters:
The persistence of fossil fuel investments by a key federal agency emphasizes the complex interplay between economic interests and climate commitments. This situation highlights the challenges of aligning national policy with global sustainability goals, particularly in the context of health and environmental outcomes.
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