Biden moves to halt overseas funding for fossil fuel projects before leaving office
President Joe Biden is pushing for an international agreement to end export credit funding for oil and gas projects, potentially locking in a climate policy that would be difficult for a Trump administration to reverse.
Jake Bittle reports for Grist.
In short:
- Export credit agencies, which fund large infrastructure projects, are major public backers of oil and gas development.
- The Biden administration is working with OECD nations to end export credits for fossil fuel projects, aligning with efforts previously limited to coal financing.
- Countries like South Korea are hesitating, but negotiations have accelerated after Trump’s reelection, as Biden aims to solidify his climate legacy.
Key quote:
“The fact that the OECD would have a unified position on this, which the U.S. would join, I think is amazing messaging.”
— Stacy Swann, head of Resilient Earth Capital
Why this matters:
Cutting export credit financing for oil and gas could significantly reduce public funding for fossil fuel infrastructure. This move would support global climate goals by pushing investment toward renewables and making risky fossil fuel projects harder to fund.
Related: Biden's truce with oil industry collapses over gas export permits
