The federal Export-Import Bank, which provides financing for U.S. businesses operating internationally, has up until now been a huge funder of global carbon emissions. Under President Obama, the bank has financed more than $27 billion in international fossil fuel projects, compared with less than $2 billion in clean energy projects. So it was a big step forward when the White House announced plans last year to drastically scale back the bank’s support for coal plants abroad.
But now Senators with deep ties to mining, led by West Virginia Democrat and “mouthpiece for the coal industry” Joe Manchin, want to block the new rule from taking effect, and they’re threatening to hold up the bank’s reauthorization in Congress if they don’t get their way. If they succeed, it would send the wrong signal to the entire financial sector, undermine the President’s leverage to push other nations to adopt similar policies on coal finance, and have devastating impacts for local communities slated for development.
Senate Majority Leader Harry Reid is currently leading negotiations over whether to allow Manchin’s pro-coal amendment into the final bill. We have a limited window to make sure Reid knows we’ll hold him accountable for whether our tax dollars are used to fuel climate change.
Tell Harry Reid: No U.S. tax dollars for dirty coal plants abroad!
No U.S. Tax Dollars for Coal Plants Abroad
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