Stock Groups

Biden orders U.S. to stop financing carbon-intense overseas fuel projects -Breaking

[ad_1]

© Reuters. FILE PHOTO. U.S. President Joe Biden makes remarks about infrastructure at Kansas City Area Transportation Authority, Kansas City, Missouri. December 8, 2021. REUTERS/Jonathan Ernst/File photo

WASHINGTON (Reuters] – According to U.S. diplomatic cables, the Biden administration directed U.S. government agency to cease funding fossil-intensive projects in foreign countries and instead prioritize international cooperations that will help develop clean energy technology.

The cables were seen by Reuters and indicate that U.S. government involvements must reflect the goals established in an executive order at the beginning of the year aimed to end U.S. financial support for coal-intensive energy projects abroad.

According to the cable, “The policy described below aims at ensuring that the vast majority U.S. energy engagements promote and advance clean energy technologies, increase U.S. market share and support net-zero transformations, with the exception of rare instances where there is compelling national security, geostrategic or development/energy access benefit and no viable, lower carbon alternatives accomplish these goals.”

Bloomberg first reported the announcement.

Disclaimer: Fusion MediaThis website does not provide accurate and current data. CFDs include stocks, indexes and futures. Prices are provided not by the exchanges. Market makers provide them. Therefore, prices can be inaccurate and differ from actual market prices. These prices should not be used for trading. Fusion Media does not accept any liability for trade losses that you may incur due to the use of these data.

Fusion MediaFusion Media or any other person involved in the website will not be held responsible for any loss or damage resulting from reliance on this information, including charts, buy/sell signals, and data. You should be aware of all the potential risks and expenses associated with trading in the financial market. It is among the most dangerous investment types.

[ad_2]