Ex-Im Bank Adopts Carbon Policy to Encourage Renewable Energy and Climate-Friendly Technologies
November 5, 2009The Export-Import Bank of the United States (Ex-Im Bank) has become the first export credit agency (ECA) to adopt a comprehensive Carbon Policy to guide its support of United States exports in light of climate change concerns.
As a part of this policy, Ex-Im Bank has established for the first time a $250 million facility to finance renewable energy exports, including solar, wind, and geothermal energy.
Included in the policy is a commitment to explore ways to improve Ex-Im Bank’s transparency in the tracking and reporting of carbon dioxide emissions from projects that it supports.
The policy also commits the bank to be a leader in financing of climate-friendly technologies made by American workers, including those that reduce greenhouse gas emissions and increase energy efficiency.
Ex-Im Bank also committed to advocate in the Organization for Economic Cooperation and Development (OECD) for the creation of financing incentives for low to zero CO2-emitting projects, a common methodology for evaluating and taking into account the social cost of carbon, and disincentives for high intensity fossil fuel projects. The bank initiated its efforts involving the OECD within hours of the Carbon Policy’s approval.
