The Export-Import Bank of the United States (Ex-Im Bank) today became 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.
"We want to help American manufacturers produce green technology for the world. This common sense approach is good for the environment. It’s good for business, and it’s good for American workers," said Fred P. Hochberg, chairman and president of Ex-Im Bank.
Included in the policy is a commitment to explore ways to further improve the Bank’s transparency in tracking and reporting CO2 emissions from projects that it supports.
As a part of the policy, the Bank established a $250 million facility to finance renewable energy exports, including solar, wind and geothermal energy.
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.
In October 1998 the Bank was the first ECA to track greenhouse gas emissions of projects for which it provided financing. It was also the first to publically disclose those figures.
Ex-Im Bank has had environmental procedures in effect since 1993 and says it’s vigorously promoted the adoption of common environmental standards by other export credit agencies through its activities in the OECD.
In Fiscal Year 2009, which ended September 30, the Bank authorized more than $21 billion in support of U.S. exports and associated jobs, the highest financing level since the Bank was established in 1934. The Bank also set a record for financing of U.S. small business exports at $4.36 billion.
Ex-Im Bank is the official export-credit agency of the United States. The independent, self-sustaining federal agency, now in its 75th year, helps to create and maintain U.S. green jobs by financing the sale of U.S. exports, primarily to emerging markets throughout the world, by providing loan guarantees, export-credit insurance and direct loans.
The full text of the Board’s Carbon Policy is here:
Loading...