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For Immediate Release
December, 10 2021, 02:26pm EDT
Contact:
Collin Rees, collin@priceofoil.org
Bronwen Tucker, bronwen@priceofoil.org
Oil Change International Responds to New U.S. Guidance for International Energy Engagements, Which Could End Billions in Public Finance for Oil, Gas, and Coal
Today, news circulated that the U.S. government has issued new interim guidance to all agencies and embassies for international energy engagements. This guidance applies to all international engagements across the U.S. government, including financing from the U.S. Export-Import Bank and the U.S. International Development Finance Corporation.
In response, Oil Change International experts released the following statements:
Bronwen Tucker, Global Public Finance Campaign Co-Manager:
WASHINGTON
Today, news circulated that the U.S. government has issued new interim guidance to all agencies and embassies for international energy engagements. This guidance applies to all international engagements across the U.S. government, including financing from the U.S. Export-Import Bank and the U.S. International Development Finance Corporation.
In response, Oil Change International experts released the following statements:
Bronwen Tucker, Global Public Finance Campaign Co-Manager:
"To win a globally just energy transition and avoid the worst climate impacts, we can't afford any finance for new fossil fuel projects, much less concessional, government-backed finance. Today's guidance could stop the U.S. from continuing billions of dollars in annual support for oil and gas, and set an important international example given that many of its peers just pledged to do the same at COP26.
"Details matter and we are still missing the fine print. If the exemptions are implemented in good faith, this guidance should end almost all U.S. international finance for fossil fuels. Any credible analysis of alternatives and alignment with the Paris Agreement would prevent new fossil fuel projects from being financed. But if they are poorly interpreted, it could allow up to 61% ($6.9 billion) of U.S. international fossil fuel support since the Paris Agreement to continue. The U.S. must also be much more ambitious and specific on how it will provide its fair share of climate finance, debt forgiveness, and renewable energy funding abroad to support a just transition."
Collin Rees, United States Program Manager:
"This new guidance is encouraging and shows the Biden administration is taking seriously the joint commitment it signed onto at COP26 to end international support for fossil fuels. The U.S. has spent over $11 billion in public money on overseas oil, gas, and coal projects since the Paris Agreement was signed -- money that has been used to lock in more emissions, extract and burn more fossil fuels, and violate the rights of communities.
"If this guidance is implemented well and loopholes are minimized, this is a major step forward to align our overseas spending with climate goals. It's also critical for Joe Biden to implement this guidance at home and end our billions in domestic subsidies for fossil fuels, as well as stop deadly fossil fuel projects under his control like the Line 3 and Dakota Access pipelines."
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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