The Export-Import Bank wants to stop financing coal plants. Congress has other ideas. Miloslav78/Thinkstock The 1,000-page omnibus spending package released Tuesday night is reigniting a fight over rules for U.S. financing of coal plants abroad. In October 2013, the Treasury Department announced that it would stop providing funding for conventional coal plants abroad, except in “very rare” cases. And in December 2013, the Export-Import Bank announced a new policy that would restrict financing for most new coal-fired power plants abroad. The bank, often called Ex-Im, exists to provide financial support to projects that spur the export of U.S. products and services. The change in coal policy aligned with President Barack Obama’s June 2013 call to end U.S. funding of fossil fuel energy projects abroad unless the products include carbon capture technology. But the language in the omnibus blocks both Ex-Im and the Overseas Private Investment Corporation (OPIC), the U.S.’s development finance institution, from using any funds in the bill to enforce these new restrictions on coal projects. Read the rest at The Huffington Post. See more here: Congress Stuffed Some Coal In Its Omnibus Package ; ; ;
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