{"id":18973,"date":"2024-03-15T11:30:00","date_gmt":"2024-03-15T15:30:00","guid":{"rendered":"https:\/\/www.merkley.senate.gov\/?p=18973"},"modified":"2024-04-03T11:31:44","modified_gmt":"2024-04-03T15:31:44","slug":"rogue-agency-backs-overseas-oil-and-gas","status":"publish","type":"post","link":"https:\/\/www.merkley.senate.gov\/es\/rogue-agency-backs-overseas-oil-and-gas\/","title":{"rendered":"\u2018Rogue\u2019 agency backs overseas oil and gas"},"content":{"rendered":"

politico<\/a><\/p>\n\n\n\n

The nation\u2019s export credit agency is backing an oil and gas project in Bahrain to the tune of a $500 million loan guarantee.<\/p>\n\n\n\n

The U.S. Export-Import Bank\u2019s announcement Thursday marks its latest infusion of cash into foreign fossil fuel infrastructure, despite calls from the Biden administration to stop supporting such overseas projects, Sara Schonhardt writes<\/a>.<\/p>\n\n\n\n

Last year, the Ex-Im Bank, as it\u2019s called, approved a $100 million loan to an oil refinery in Indonesia, which the White House said is not aligned with the Biden administration\u2019s climate policies. And since 2021, when President Joe Biden signed an executive order banning the financing of overseas fossil fuel projects, the bank has provided $1.3 billion toward oil and gas operations, according to Oil Change International, which tracks such projects.<\/p>\n\n\n\n

The bank is an independent federal agency authorized by Congress and governed by its charter, making it difficult for a president<\/a> to directly interfere with its decisionmaking. (The bank\u2019s charter does allow the president to deny a transaction when doing so would advance U.S. policy in certain areas, including environmental protection, Sara noted).<\/p>\n\n\n\n

\u201cThe EXIM Bank is demonstrating that it is a rogue agency \u2014 unwilling to follow Congress or the administration\u2019s directive,\u201d said Democratic Sen. Jeff Merkley of Oregon.<\/p>\n\n\n\n

Merkley joined several of his colleagues in sending a letter Wednesday warning the bank against making financing decisions that could exacerbate the climate crisis.<\/p>\n\n\n\n

The bank maintains that the latest financing decision will not harm the planet. Reta Jo Lewis, who heads the bank, said the loan guarantee would help state-owned Bapco Energies implement measures \u201cintended to reduce greenhouse gas emissions,\u201d such as the use of methane leak detection equipment, solar energy production and the elimination of \u201cnon-emergency flaring.\u201d<\/p>\n\n\n\n

Un\u00a0environmental impact assessment<\/a>\u00a0on the Ex-Im Bank\u2019s website notes, however, that the project would drill more than 400 new oil wells and 30 new gas wells, releasing 1.4 million metric tons of planet-warming pollution over two years.<\/p>","protected":false},"excerpt":{"rendered":"

Politico The nation\u2019s export credit agency is backing an oil and gas project in Bahrain to the tune of a $500 million loan guarantee. The U.S. Export-Import Bank\u2019s announcement Thursday marks its latest infusion of cash into foreign fossil fuel infrastructure, despite calls from the Biden administration to stop supporting such overseas projects, Sara Schonhardt writes. […]<\/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-18973","post","type-post","status-publish","format-standard","hentry","category-in-the-news"],"acf":[],"yoast_head":"\n\u2018Rogue\u2019 agency backs overseas oil and gas - 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\/rogue-agency-backs-overseas-oil-and-gas\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u2018Rogue\u2019 agency backs overseas oil and gas - Merkley\" \/>\n<meta property=\"og:description\" content=\"Politico The nation\u2019s export credit agency is backing an oil and gas project in Bahrain to the tune of a $500 million loan guarantee. 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