{"id":18968,"date":"2024-03-13T11:22:00","date_gmt":"2024-03-13T15:22:00","guid":{"rendered":"https:\/\/www.merkley.senate.gov\/?p=18968"},"modified":"2024-04-03T11:42:41","modified_gmt":"2024-04-03T15:42:41","slug":"democrats-warn-us-trade-bank-on-backing-bahrain-oil-drilling","status":"publish","type":"post","link":"https:\/\/www.merkley.senate.gov\/es\/democrats-warn-us-trade-bank-on-backing-bahrain-oil-drilling\/","title":{"rendered":"Democrats Warn US Trade Bank on Backing Bahrain Oil Drilling"},"content":{"rendered":"

Bloomberg<\/a><\/p>\n\n\n\n

Congressional Democrats are making a last-ditch appeal to leaders of the US Export-Import Bank before a critical vote<\/a> Thursday, warning the agency its plan to underwrite oil drilling in Bahrain would undercut global efforts to fight climate change.<\/p>\n\n\n\n

\u201cThe world is in the midst of a climate crisis that is already having devastating impacts,\u201d the lawmakers, led by Senator Jeff Merkley of Oregon, said in a letter to bank board members and Biden administration officials. \u201cWe cannot afford to have ex-im undermine domestic and international climate progress by financing projects that worsen this crisis.\u201d<\/p>\n\n\n\n

BloombergGreen<\/a>White House Rejects Tying Ukraine Aid to Reversing Natural Gas Policy<\/a>Spring Storm Threatens to Dump 18 Inches of Snow on New England<\/a>Chinese Solar Firms Hit by EU Probes in New Test of Subsidy Law<\/a>South Africa Ponders Fate of 8,000 Lions and 3,000 Skeletons<\/a><\/p>\n\n\n\n

The missive comes amid intensifying scrutiny of how independent US agencies are addressing climate change \u2014 following a spate of decisions running counter to President Joe Biden\u2019s environmental agenda. The export-import bank has drawn particular ire for providing some $901 million<\/a> in finance for fossil fuel projects last year, including a refinery in Indonesia,<\/a> an oil venture in the Bahamas and gas turbines in Iraq.<\/p>\n\n\n\n

The bank\u2019s board is set to vote on a potential loan of more than $100 million to expand oil and gas production<\/a> in the prolific Bahrain Field on Thursday. Potential beneficiaries<\/a> include the oil services company SLB<\/a>, as well as the field\u2019s operator, National Oil and Gas Holding Company B.S.C. unit Tatweer Petroleum-Bahrain Field Development Company W.L.L.<\/p>\n\n\n\n

The ex-im bank is an independent agency intended to bolster US exports, thereby supporting American jobs. Its charter bars denying financing \u201cbased solely on the industry, sector or business\u201d \u2014 a prohibition congressional Republicans have admonished the bank to heed.<\/p>\n\n\n\n

Yet the bank\u2019s charter also empowers it to deny financing for projects based on environmental concerns, said Merkley and the other lawmakers, including Senator Bernie Sanders, an independent from Vermont, and Representative Ro Khanna, a California Democrat. The \u201cnon-discrimination provisions do not supersede the charter\u2019s environmental policies and procedures,\u201d they said.<\/p>\n\n\n\n

Agency staff review transactions according to its statutory and policy requirements \u2014 including to ensure alignment with the bank\u2019s environmental and social due diligence procedures and guidelines, a senior ex-im bank official said. If a transaction satisfies all of the bank\u2019s eligibility criteria, the agency is prevented from discriminating against deals solely on the basis of industry, sector or business, the official said.<\/strong><\/p>\n\n\n\n

In 2021, the International Energy Agency said the world must halt investment in new oil and gas projects to reach net zero emissions by mid-century. Biden vowed to curb public funding of foreign fossil fuel projects in an orden ejecutiva<\/a> three years ago, and the US later signed a pledge<\/a> with 33 other nations to halt that support. Biden in January halted new licenses to export liquefied natural gas<\/a>, allowing for fresh analysis of the climate impact.<\/p>","protected":false},"excerpt":{"rendered":"

Bloomberg Congressional Democrats are making a last-ditch appeal to leaders of the US Export-Import Bank before a critical vote Thursday, warning the agency its plan to underwrite oil drilling in Bahrain would undercut global efforts to fight climate change. \u201cThe world is in the midst of a climate crisis that is already having devastating impacts,\u201d the lawmakers, […]<\/p>\n","protected":false},"author":15,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[26],"tags":[],"class_list":["post-18968","post","type-post","status-publish","format-standard","hentry","category-in-the-news"],"acf":[],"yoast_head":"\nDemocrats Warn US Trade Bank on Backing Bahrain Oil Drilling - Merkley<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.merkley.senate.gov\/es\/democrats-warn-us-trade-bank-on-backing-bahrain-oil-drilling\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Democrats Warn US Trade Bank on Backing Bahrain Oil Drilling - 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