To require the use of the voice and vote of the United States in international financial institutions 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 · December 10, 2024
Referred to the Committee on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
This bill directs the United States to use its voting power and influence at major international financial institutions to promote clean energy and oppose fossil fuel projects worldwide. Specifically, it requires U.S. representatives at institutions like the World Bank and regional development banks to vote against any loans, investments, or technical assistance that would create new fossil fuel capacity or extend the life of existing fossil fuel infrastructure. The legislation also prohibits the U.S. government from providing direct assistance through agencies like the Export-Import Bank or USAID to support fossil fuel activities in other countries. To enforce these policies, the bill requires the Treasury Department to withhold U.S. contributions to international financial institutions by the amount they spend on new fossil fuel projects, holding these funds in escrow until the institutions stop such financing and submitting annual reports to Congress. The bill applies to twelve major multilateral development banks and establishes a 2030 timeline for phasing out funding for gas-powered vehicles and buses.
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