Bank Fails to Support Renewable Energy
Posted by Doug Norlen
Today, the U.S. Export-Import (Ex-Im) Bank announced its official carbon policy.
Ex-Im Bank’s policy does nothing to curb the agency’s growing overall portfolio of greenhouse gas emissions. In fact, applications to Ex-Im Bank for greenhouse gas-emitting projects are skyrocketing after the financial crisis, as project sponsors seek public subsidies to prop up economically and ecologically damaging projects. Ex-Im Bank continues to subsidize fossil fuel-related transactions despite the recent G-20 pledge to phase out fossil fuel subsidies.
Ex-Im Bank touts is support for renewable energy and energy efficiency, yet in recent years its support for these transactions represent less than 2% of its overall energy portfolio.
Ex-Im Bank’s carbon policy perpetuates the approach taken under the Bush Administration and undercuts the Obama Administration’s claim to international leadership on climate change.
Read the story as reported by Environmental Finance here.
Tags: Clean Energy, climate change, Energy, Export Credit Agencies, Finance, government agency, Russia, Subsidies
