A bill to require the use of the voice and vote of the United States in international financial intuitions to advance the cause of transitioning the global economy to a clean energy economy and to prohibit United States Government assistance to countries or entities to support fossil fuel activity, and for other purposes.
About This Bill
Committee
Latest Action · October 21, 2020
Read twice and referred to the Committee on Foreign Relations.
Sustainable International Financial Institutions Act of 2020
This bill establishes requirements to promote clean energy and climate justice globally through international financing mechanisms.
Specifically, the bill requires the U.S. Executive Directors of specified international financial institutions to use the voice and vote of the United States to (1) advance the cause of reducing carbon emissions and transitioning the global economy to a clean energy economy, and (2) oppose any loan or extension of financial or technical assistance to a country or entity to create new capacity for fossil fuel activity. The Department of the Treasury must reduce the yearly U.S. contribution to a financial institution by the amount of any loans or assistance provided by the institution to a country or entity to create new capacity for fossil fuel activity during that year.
Further, the bill prohibits the United States from providing any loan, insurance, guarantee, or extension of financial or technical assistance to a country or entity for any fossil fuel activity.
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