Wednesday, January 15, 2014

Big Coal Undercuts Landmark U.S. Overseas Investment Policy

Advocates say that public opinion, both domestically and internationally, is already in the midst of broad changes regarding dirtier forms of energy production. (Credit: Bigstock) Click to enlarge.
Environmentalists and some lawmakers are decrying a surprise move by conservative members of Congress to roll back landmark “clean energy” policies guiding U.S. investments in overseas power projects.

Two federal agencies have new guidance in place largely barring government investment in power-generation projects that fail to adequately cut carbon emissions.  The rules, by the Export-Import Bank and the Overseas Private Investment Corporation (OPIC), which facilitate U.S. private investments into foreign projects, would essentially discontinue U.S. funding for overseas coal-fired power generation.

Yet a surprise addendum to a massive U.S. government spending bill would disallow the Export-Import Bank from implementing its new rule, which was unveiled in December.  The provision, made public Monday evening, also guts a court-ordered greenhouse gas cap put in place in 2009 to force OPIC to set limits on the carbon emissions of its investments.

Big Coal Undercuts Landmark U.S. Overseas Investment Policy

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