Biden Stops US Funding Abroad for New Fossil Fuel Projects Abroad | Fossil fuel news

The policy prohibits federal funding for foreign coal projects that do not capture or partially capture carbon emissions.

U.S. President Joe Biden has ordered U.S. government agencies to immediately stop funding carbon-intensive fossil fuel projects abroad and deploy clean energy technology to prioritize international cooperation, according to U.S. diplomatic cables seen by Reuters News.

Cables, as seen by Reuters, should reflect the targets set by a U.S. government commitment in an executive order earlier this year to end U.S. financial aid to coal and carbon-intensive energy projects abroad.

“The policy described below is aimed at promoting clean energy, advancing innovative technologies, increasing the competitiveness of US clean technology and supporting zero zero transitions, except in rare cases where national security is essential. viable low-carbon alternatives don’t achieve the same goals, ”one cable said.

The announcement was made for the first time by Bloomberg News.

The policy defines “energy-intensive” international energy commitments as a project that includes the intensity of greenhouse gases above the life cycle value of 250 grams of carbon dioxide per kilowatt-hour and includes coal, oil or gas / gasoline.

The policy prohibits U.S. coal-funded foreign coal projects that do not capture or partially capture any carbon emissions, and allows federal agencies to generate coal only if the project captures all emissions or is part of the accelerated process.

It excludes carbon-intensive projects for two reasons: they are considered necessary for national security or geostrategic reasons, or they are essential to provide energy access to vulnerable areas.

The policy formalizes the goals set by the administration in previous executive orders and guidelines and has been repeated in multilateral forums such as the August Seven Group meeting in France and the United Nations Climate Summit in Scotland in late October and early November.

Environmental groups say the long-held policy is a step in the right direction, but it creates loopholes that could undermine its goals.

“This policy is fraught with unclear exceptions and gaps, and these restrictions on fossil fuel financing could make it completely absurd,” said Kate DeAngelis, a climate finance expert at Friends of the Earth.