President Donald Trump on Wednesday made moves to open up public financing for coal projects abroad, reversing a shift away from overseas fossil fuel financing under the Biden administration.
The president inked a series of executive orders to resuscitate coal, including one directive that calls on the Export-Import Bank — the government’s official export credit agency — to unleash federal financial support for coal mining and power generation projects. The bank provides financial assistance to American businesses to help them export goods and services by offering loans, guarantees and insurance.
Within 30 days, the State, Agriculture, Commerce and Energy secretaries, the CEO of the International Development Finance Corp. and the president of the Export-Import Bank must review all rules, guidance, policies and other internal process to “ensure that such materials do not discourage the agency from financing coal mining projects and electricity generation projects.”
“Consistent with law, and subject to the applicable agency head’s discretion, where appropriate, any identified preferences against coal use shall immediately be eliminated except as explicitly provided for in statute,” the order states.
