This bill directs the U.S. Treasury Secretary to use American influence at major international financial institutions to oppose and reverse restrictions on financing coal, oil, natural gas, and nuclear energy projects in developing countries. The legislation specifically targets policies at the World Bank and similar multilateral development banks, instructing U.S. representatives to actively lobby for removal of environmental restrictions on fossil fuel and nuclear energy financing. The bill withholds 50 percent of U.S. funding to the World Bank until it eliminates restrictions on coal, oil, gas, and nuclear project financing and adopts policies promoting such energy investments. Within 180 days and annually thereafter, the Treasury Secretary must report to Congress on all financing restrictions at covered institutions and describe U.S. efforts to eliminate them. The bill affects American participation in nine major international financial institutions and aims to increase developing nations' access to fossil fuel and nuclear energy projects as a poverty-reduction strategy.
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