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