U.S. Export-Import Bank Adopts Carbon Policy to Support Renewable Energy

November 5, 2009

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The Export-Import Bank of the United States (Ex-Im Bank) says it is the first Export Credit Agency (ECA) to adopt a comprehensive Carbon Policy to help U.S. manufacturers produce renewable energy and climate-friendly technologies for the world market. The policy also includes a commitment to improve the bank’s transparency in the tracking and reporting of CO2 emissions from projects that it supports.

The Ex-Im Bank says the Carbon Policy is in keeping with the Obama Administration’s commitment to help create new jobs through the promotion of “green” technology. Ex-Im Bank is the official export-credit agency of the United States.

As a part of this policy the Ex-Im Bank has established for the first time a $250 million facility to finance renewable energy exports, including solar, wind and geothermal energy. The policy also commits the bank to be a leader in financing of climate-friendly technologies made by American workers, including those that reduce greenhouse gas emissions and increase energy efficiency.

Ex-Im Bank also pledges to advocate in the Organization for Economic Cooperation and Development (OECD) for the creation of financing incentives for low to zero CO2-emitting projects, and disincentives for high intensity fossil fuel projects.

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Reader Comments

Your story, while welcome, only features the US Government’s perspective. However, there is a coalition of environmental organizations that have worked extensively on this and that are quite critical of the policy.

Ex-Im Bank’s policy does nothing to curb the agency’s overall portfolio of greenhouse gas emissions. In fact, applications to Ex-Im Bank for greenhouse gas-emitting projects are skyrocketing after the financial crisis, as project sponsors seek public subsidies to prop up economically and ecologically damaging projects. Ex-Im Bank continues to subsidize a growing number of fossil fuel-related transactions despite the recent G-20 pledge to phase out fossil fuel subsidies.

Ex-Im Bank touts is support for renewable energy and energy efficiency, yet in recent years its support for these transactions represent less than 2% of its overall energy portfolio.

Ex-Im Bank’s carbon policy perpetuates the approach taken under the Bush Administration and undercuts the Obama Administration’s claim to international leadership on climate change.

Doug Norlen | November 5th, 2009

See this Environmental Finance article on the issue: http://www.environmental-finance.com/onlinews/0511exi.html

Doug Norlen | November 5th, 2009

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