Biden orders US to stop funding overseas carbon-intensive fuel projects, Auto News, ET Auto



WASHINGTON:
The Biden administration has ordered U.S. government agencies to immediately stop funding carbon-intensive fossil fuel projects overseas and prioritize international collaborations to deploy clean energy technology, diplomatic cables say Americans.

The cables, seen by Reuters, indicate that the U.S. government’s commitments should reflect targets set in an executive order issued earlier this year to end U.S. financial support for coal and carbon-intensive energy projects in the United States. ‘foreigner.

“The policy objective described below is to ensure that the vast majority of US international energy commitments promote clean energy, advance innovative technologies, strengthen the competitiveness of US clean technologies, and support sharp transitions. zero, except in rare cases where national security is imperative. Geostrategic or development / energy access benefits and no viable low carbon alternative achieve the same goals, ”one cable said.

The announcement was first reported by Bloomberg.

The policy defines ‘carbon-intensive’ international energy commitments as projects with a greenhouse gas intensity greater than a threshold life cycle value of 250 grams of carbon dioxide per kilowatt hour and includes coal , gas or oil.

The policy prohibits any US government funding of overseas coal projects that do not capture or only partially capture carbon emissions, allowing federal agencies to engage in coal production only if the project demonstrates the fully captures emissions or is part of accelerated elimination.

It exempts carbon-intensive projects for two reasons: they are deemed necessary for national security or geostrategic reasons, or they are crucial in providing access to energy to vulnerable areas.

The policy formalizes the goals set by the administration in previous decrees and policy guidance and reiterated in multilateral forums such as the G7 meeting in France in August and the United Nations climate summit in Scotland in the fall.

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The rules set environmental criteria for investments, including renewable energy, shipping and car manufacturing – zero-emission vehicles being the only type that can be labeled green from 2026.

All federal government operations will reduce emissions by 65% ​​by 2030 as part of the plan. The government will seek to consume electricity only from carbon-free and non-polluting sources on a net annual basis by 2030 and have net zero emissions by 2050.

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