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For Immediate Release
August, 16 2021, 03:56pm EDT
Contact:
Collin Rees, collin@priceofoil.org
Bronwen Tucker, bronwen@priceofoil.org
Oil Change International Reaction to New U.S. Fossil Fuel Energy Guidance for the Multilateral Development Banks
Today, the U.S. Treasury Department released updated fossil fuel energy guidance for the multilateral development banks (MDBs), in line with U.S. President Joe Biden's January Executive Order 14008.
WASHINGTON
Today, the U.S. Treasury Department released updated fossil fuel energy guidance for the multilateral development banks (MDBs), in line with U.S. President Joe Biden's January Executive Order 14008.
The guidance rules out U.S. support for nearly all MDB finance for coal and oil projects, including through policy-based operations and financial intermediaries, while endorsing continuing financing of midstream and downstream gas projects if certain conditions are met. These conditions allow the U.S. to continue to vote in favor of midstream and downstream gas projects in poor and vulnerable developing countries where no clean energy alternatives are feasible, where there are strong development, energy security, or energy access benefits, and where the project is aligned with the Paris Agreement as outlined by the joint MDB Paris-alignment methodology.
In response, Oil Change International experts released the following statements:
Bronwen Tucker, Research Analyst at Oil Change International:
"The Biden Administration had a clear opportunity to take a stand against financing for fossil fuels at MDBs, but it is in danger of badly missing the mark. Any credible analysis of the clean alternatives, development impacts, and Paris Agreement alignment the guidance says it will test for would find that new gas projects should not be financed. Unfortunately there is very little in today's announcement that makes clear how the U.S. will apply these conditions in its voice and vote at the MDBs.
"The U.S. has a large sway at the MDBs, and so it's critical that President Biden and Secretary Yellen add clear and strict details to their proposed gas finance conditions immediately. Otherwise up to 40% of the total fossil fuel finance from the MDBs where the U.S. is a member could continue. That's $1.6 billion per year for gas pipelines, power plants, and LNG terminals that the climate and frontline communities can't afford."
Collin Rees, Senior Campaigner at Oil Change International:
"President Biden and Secretary Yellen's refusal to oppose public finance for all fossil fuels is deeply concerning. Even one penny of public money going to deadly fossil gas projects is unacceptable in the midst of our climate emergency, and the new U.S. guidance is less ambitious than similar United Kingdom and European Investment Bank policies.
"New gas projects are not aligned with the Paris Agreement. Clean alternatives are already cheaper than gas almost everywhere, and this guidance could saddle the lowest-income countries with out-of-date energy and lead to frontline communities continuing to face deadly impacts from gas projects. Instead of doubling down on gas, Biden and Yellen should focus on ensuring adequate U.S. and MDB support to pursue a just transition to renewable energy in these countries.
"Today's announcement is proof that the era of public finance for fossil fuels is coming to a close, but gas continues to be a deadly sticking point. The United States can't be a credible climate leader at COP26 while using public money on fossil fuels -- climate leaders don't support new gas projects."
Oil Change International is a research, communications, and advocacy organization focused on exposing the true costs of fossil fuels and facilitating the ongoing transition to clean energy.
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Yesterday, ICE raided a home on St. Paul’s East Side. Their target was ChongLy Scott Thao, an elderly Hmong American man.
He’s a U.S. citizen with no criminal record.
Armed ICE agents broke down the door without presenting a valid warrant, entered with guns drawn, and… pic.twitter.com/hxECEkcIqK
— Dede Watson (@Dede_Watson) January 20, 2026
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