June 29, 2022

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Crude oil closes heavily, backed by declining U.S. cargo

Biden orders US to suspend funding for high-carbon fossil fuel projects abroad

According to US diplomatic records, the US government has ordered government agencies to immediately stop funding high-carbon fossil fuels abroad and to prioritize international cooperation in the use of clean energy technology.

Records found by Reuters suggest that the US government’s obligations should reflect the goals set out in an executive order issued earlier this year aimed at halting US financial support for foreign carbon-intensive energy and coal projects.

“The policy outline outlined below is that most of the US international energy responsibilities are to promote clean energy, promote innovative technologies, promote US clean technological competitiveness and support net zero change, except in rare cases of compulsory national security. With geo-strategy or development / energy access benefits There is no possible low-carbon alternative, “said David Cook, chief of The Christian Science Monitor’s Washington bureau.

This announcement was first made by Bloomberg.

The policy defines international “carbon-intensive” energy commitments as projects where the intensity of greenhouse gases exceeds the life cycle limit of 250 grams of carbon dioxide per kilowatt-hour and includes coal, gas or oil.

This policy prohibits US government funding for foreign coal projects that do not capture or partially capture carbon emissions, and only allow federal agencies to produce coal if the project fully captures emissions or makes part of an accelerated elimination.

Environmental groups have said the policy they have long argued is a step in the right direction, but creates holes that could undermine their goals.

“This policy is fraught with exceptions and loopholes that make ambiguity and these restrictions on fossil fuel financing completely meaningless,” said Kate Angeles, a climate finance expert at Friends of the Earth.

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