Global S&T Development Trend Analysis Platform of Resources and Environment
US overseas fossil finance phaseout – E3G reaction | |
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2021-08-16 | |
出版年 | 2021 |
国家 | 欧洲 |
领域 | 气候变化 |
英文摘要 |
StoryToday, the US government announced new policy to phase out its international fossil fuel finance, carrying out an Executive Order from President Joe Biden. This policy is the first time the US broadly restricts its international finance for coal, oil and gas, both in terms of US agencies as well as the US shareholdings in MDBs. While questions remain regarding its implementation, potential loopholes, and the need for greater positive investment in developing countries, the new policy is still a major first step in restricting fossil finance by one of the biggest international financiers. This decision is especially significant as it also applies to the US shareholdings in multilateral development banks (MDBs). As the single largest shareholder in many of these institutions (e.g. 15.7% in the World Bank International Bank for Reconstruction & Development, 30% in the Inter-American Development Bank), the US now puts great pressure on these banks to end their fossil finance. The new policy says that US Treasury “will oppose” MDB support for coal, oil, and upstream gas projects, and will only support other gas projects in restricted circumstances in poor and vulnerable countries. This new policy is the latest in a historic trend towards ending international public fossil finance in recent years. This was kicked off with the world’s largest MDB, the European Investment Bank, committing to end almost all its fossil finance by end of 2021. Later, the UK announced an end to its overseas fossil finance, which was shortly followed by a commitment by the EU Foreign Affairs Council. Now, in the run-up to climate conference COP26, pressure will be on China to end its fossil finance, starting with coal of which it is the largest international provider of public finance. QuoteClaire Healy, E3G Washington DC Director said:
Alden Meyer, E3G Senior Associate said:
Maria Pastukhova, E3G Senior Policy Advisor, said:
Iskander Erzini Vernoit, E3G Policy Advisor, said:
Available for commentIskander Erzini Vernoit Maria Pastukhova Notes to Editors
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URL | 查看原文 |
来源平台 | E3G |
文献类型 | 科技报告 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/336048 |
专题 | 气候变化 |
推荐引用方式 GB/T 7714 | admin. US overseas fossil finance phaseout – E3G reaction,2021. |
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