• 4 minutes Pompeo: Aramco Attacks Are An "Act Of War" By Iran
  • 7 minutes Who Really Benefits From The "Iran Attacked Saudi Arabia" Narrative?
  • 11 minutes Trump Will Win In 2020
  • 15 minutes Experts review Saudi damage photos. Say Said is need to do a lot of explaining.
  • 1 min Ethanol is the SAVIOR of the Oil Industry, Convenience Store Industry, Automotive Supply Chain Industry and Much More!
  • 4 hours Let's shut down dissent like The Conversation in Australia
  • 3 mins One of the fire satellite pictures showed what look like the fire hit outside the main oil complex. Like it hit storage or pipeline facility. Not big deal.
  • 10 hours Saudi State-of-Art Defense System looking the wrong way. MBS must fire Defense Minister. Oh, MBS is Defense Minister. Forget about it.
  • 19 hours Donald Trump Proposes Harnessing Liberal Tears To Provide Clean Energy
  • 18 hours Saudis Buying Oil From Iraq
  • 19 mins Ethanol, the Perfect Home Remedy for A Saudi Oil Fever
  • 12 hours Trump Accidentally Discusses Technology Used In The Border Wall
  • 10 hours Hong Kong protesters appeal to Trump for support.
  • 3 hours Collateral Damage: Saudi Disruption Leaves Canada's Biggest Refinery Vulnerable
  • 1 day Drone attacks cause fire at two Saudi Aramco facilities, blaze now under control
  • 19 hours Saudis Confirm a Cruise Missile from Iranian Origin
  • 3 hours Iran in the world market
Alt Text

Home Energy Storage Capacity Breaks Records In US

As costs for battery storage…

Alt Text

Big Oil To Seal Record Number Of Green Energy Deals In 2019

The world’s biggest oil companies…

Alt Text

European Carmakers Face Perfect Storm

Much stricter emission caps, high…

Jess McCabe

Jess McCabe

Jess is a writer for Environmental Finance.Environmental Finance is the leading global publication covering the ever-increasing impact of environmental issues on the lending, insurance, investment…

More Info

Premium Content

Export-Import Bank Urged to End Fossil Fuel Binge and Support Renewables

NGOs have accused the US Export-Import (Ex-Im) Bank of “systematic bias towards financing fossil fuel projects”, as the export credit agency prepares to consider backing two giant coal-fired power plants.

John Coequyt of the US environment group Sierra Club said: “Instead of financing dirty power projects abroad, the Export-Import Bank should be positioning US companies to lead in a competitive clean-technology market that can create thousands more jobs in the US.”

“The Ex-Im Bank’s ongoing fossil fuel binge indicates a clear unwillingness to adhere to Congressional climate change directives and systematic bias towards financing fossil fuel projects,” said Doug Norlen from Pacific Environment.

The US Congress has issued a mandate instructing its export credit agency to direct 10% of its financing in 2009 and 2010 to renewable energy and other “environmentally beneficial exports”, such as energy efficiency technologies. But the NGOs, including Sierra Club and South Africa-based Groundwork, pointed to a report by the US Government Accountability Office (GAO) last month which concludes Ex-Im financing “has been well short of the 10% congressional target”.

The GAO analysis of Ex-Im’s data shows renewables made up less than 2% of the ECA’s financings in 2009 and the first half of 2010. Ex-Im did not return requests for comment before press time.

Meanwhile, the Ex-Im board is expected to vote in a September meeting on whether to back the nearly 5,000MW Kusile coal-fired power plant in South Africa. The NGOs calculate that if Kusile is built, it will emit more than 150% of the annual carbon dioxide emissions of all the projects supported by Ex-Im in 2009. The project developer is utility Eskom, behind the 4,800MW Medupi coal power station, which won World Bank financing earlier this year.

“It’s time to invest in the future of these South African communities, and that means funding clean renewable energy, instead of building dirty coal plants in the name of low-income South Africans,” said Bobby Peak, executive director of Groundwork.

A board vote is also expected this autumn on the controversial $450 billion Sasan coal mine and power plant project, which Ex-Im initially rejected.

By. Jess McCabe

Source: Environmental-Finance




Download The Free Oilprice App Today

Back to homepage



Leave a comment

Leave a comment




Oilprice - The No. 1 Source for Oil & Energy News
Download on the App Store Get it on Google Play