Green groups are stepping up pressure on the Export-Import Bank to abandon its financial support of fossil fuel projects overseas.
The pressure comes about a month before the election, leaving the Biden administration little time to meet the president’s goal to stop using taxpayer money to fund oil, gas and coal projects internationally, according to climate advocates.
The bank, which funds projects overseas to support American exports, is considering investments in fossil fuel infrastructure that could emit around 5 billion tons of planet-warming pollution over their existence, according to an analysis by Friends of the Earth and Oil Change International, two environmental advocacy groups who shared the report exclusively with POLITICO’s E&E News.
Those emissions are roughly equivalent to 80 percent of annual U.S. emissions, the report says.