"The Export-Import Bank’s investments in overseas oil and gas projects have continued even after advisers backed by the president voiced concern about the impact on climate change."
"The federally created body that promotes U.S. exports is continuing to finance fossil fuel projects abroad — even after advisers aligned with President Joe Biden’s climate goals pointed out those investments’ risks.
Five people with firsthand knowledge of discussions inside the U.S. Export-Import Bank described a sense of frustration among members of the organization’s climate council that the agency continues to invest in projects that run counter to the president’s policies. Those include oil and gas development in Bahrain and an Indonesian oil refinery that received a $100 million loan.
The bank, known as EXIM, is an independent federal agency focused on creating jobs and boosting American competitiveness by promoting U.S. exports. It provides financing such as federally backed loans or guarantees to projects that might struggle to get private sector investments. It created the climate council at Biden’s urging in 2021.
Several council members repeatedly voiced concerns over the incongruity between the bank’s financing of fossil fuel projects and U.S. climate policy, according to several of the people who were granted anonymity to speak about sensitive information. Some advisers have also argued during council meetings that the bank is assuming that investments in fossil fuel infrastructure will lead to long-term benefits, such as jobs, at a time when the U.S. and other countries have agreed to shift away from oil, natural gas and coal."
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