As mounting climate concerns cause extreme weather events, and global efforts intensify to keep warming below 1.5°C, Oxfam calls on the Export-Import

Oxfam calls for a green overhaul of the US Export-Import Bank

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2024-10-27 20:00:03

As mounting climate concerns cause extreme weather events, and global efforts intensify to keep warming below 1.5°C, Oxfam calls on the Export-Import Bank of the United States (EXIM) to cease funding fossil fuel projects to instead champion just and clean energy initiatives.

In a new research report published today, “Alignment of the United States Export-Import Bank with the U.S. climate and development policy objectives,” Oxfam America and Perspectives Climate Research found that EXIM has financed hundreds of fossil fuel projects globally since its founding and continues to finance the most climate damaging sectors: at least 60% of its current $40+ billion portfolio directly supports fossil fuel-producing or dependent sectors like oil, gas, and aviation.

Despite a requirement in its charter to devote 5% of its funding to renewable energy, energy efficiency, and storage, in 2021, only $72 million – or 1.25% of EXIM’s new authorizations – were considered environmentally beneficial, and only 0.2% were for renewable energies.