U.S. Ending Support for Overseas Gas, Oil Projects—Benefitting Climate & Clean Energy

WASHINGTON, D.C. – The Biden administration issued guidance today that will finally end longstanding U.S. financial support for overseas gas and oil projects—opening the door to investments in clean energy projects worldwide that will create jobs, protect public health and address the climate crisis.

The U.S. has been, for years, one of the world’s leading financiers of overseas dirty energy projects. That practice sharply contrasts with U.S. leadership to persuade other nations to sharply cut greenhouse gas pollution and avoid the worst impacts of climate change. Earlier this year, the U.S. announced it would end financing for overseas coal projects.

Jake Schmidt, senior strategic director for international climate in the International program at NRDC (Natural Resources Defense Council), made the following comments:

“This new U.S. guidance is an important, overdue step that must be followed with concrete action. That means all U.S. agencies must decisively stop financing gas, oil, and coal projects overseas and shift investments into clean, renewable energy projects around the world. Turning these recommendations into reality on the ground can create millions of clean energy jobs, protect peoples’ health and stimulate an economic boom, at home and abroad—while helping avoid the worst impacts of climate change.

“That’s how the U.S. demonstrates credible leadership. That crucial leadership is needed to persuade other countries still financing dirty energy projects overseas to put their faith and fortune into the burgeoning global clean energy economy.”

A detailed blog by Jake Schmidt on the U.S. move and overseas fossil fuel finance is here: https://www.nrdc.org/experts/jake-schmidt

NRDC (Natural Resources Defense Council) is an international nonprofit environmental organization with more than 3 million members and online activists. Since 1970, our lawyers, scientists, and other environmental specialists have worked to protect the world's natural resources, public health, and the environment. NRDC has offices in New York City, Washington, D.C., Los Angeles, San Francisco, Chicago, Bozeman, MT, and Beijing. Visit us at www.nrdc.org and follow us on Twitter @NRDC.

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