TLDR: Two climate advisers have resigned from the U.S. Export-Import Bank (EXIM) due to the bank’s plans to finance overseas fossil fuel projects. The bank is set to vote on whether to provide taxpayer dollars to help drill oil and gas wells in Bahrain. The decision has caused frustration among climate advisory board members who feel they are being kept in the dark about such projects and are being blocked from making recommendations. The bank’s actions also go against a presidential order to halt financing for carbon-intensive projects overseas. Several more climate advisory board members are considering resigning.
Two climate advisers have resigned from the U.S. Export-Import Bank (EXIM) over the bank’s plans to finance overseas fossil fuel projects. The bank is currently considering whether to use taxpayer dollars to help drill oil and gas wells in Bahrain. The decision has caused frustration among climate advisory board members who feel they are being kept in the dark and blocked from making recommendations about such projects. Furthermore, the bank’s actions go against a presidential order to halt financing for carbon-intensive projects overseas. Two more advisory board members are also considering resigning.
Key points:
- Two climate advisers have resigned from the U.S. Export-Import Bank (EXIM) over the bank’s plans to finance overseas fossil fuel projects.
- The bank is set to vote on whether to use taxpayer dollars to help drill oil and gas wells in Bahrain.
- The resignations come amid frustrations among climate advisory board members who feel they are being left uninformed and blocked from making recommendations about fossil fuel projects.
- The bank’s actions go against a presidential order to halt financing for carbon-intensive projects overseas.
- At least two more climate advisory board members are considering resigning.
The U.S. Export-Import Bank (EXIM) is facing controversy as it prepares to vote on whether to use taxpayer dollars to finance the drilling of oil and gas wells in Bahrain. This decision has prompted two of the bank’s climate advisers to resign, citing frustration with being kept in the dark about fossil fuel loans and being unable to make recommendations on projects. The resignations come in direct opposition to President Biden’s directive for government agencies to cease financing carbon-intensive projects overseas.
The two climate advisers who resigned were part of an 18-person board created by President Biden to help the EXIM Bank consider climate change when making investments. However, they claim that they have been kept uninformed about upcoming fossil fuel loans and have been blocked from giving their input on projects. This lack of transparency and inclusion has led to mounting frustration among the advisory board members.
The bank’s actions have drawn concern from President Biden’s aides, who are worried about the bank’s direction. The EXIM Bank has consistently disregarded the presidential order to stop financing carbon-intensive projects overseas. This conflict between the bank’s actions and official government policy has raised questions about the bank’s commitment to addressing climate change.
The resignations of the two climate advisers may not be the last, as at least two more advisory board members are reportedly considering stepping down in protest. This further highlights the dissatisfaction and growing discontent among board members who believe their expertise and perspectives on climate change are being disregarded by the bank.
Overall, the controversy surrounding the U.S. Export-Import Bank’s potential financing of fossil fuel projects overseas raises questions about the bank’s commitment to addressing climate change and the role of climate advisory boards in influencing investment decisions. The resignations of climate advisers underscore the need for greater transparency, inclusion, and alignment with government policies on climate action.
