This bill requires the U.S. government to use its voting power and influence at major international development banks—such as the World Bank, Asian Development Bank, and Inter-American Development Bank—to block funding for fossil fuel projects and instead promote clean energy investments. The legislation affects U.S. contributions to these 12 international financial institutions by requiring the Treasury Department to reduce annual funding to any institution that finances new fossil fuel capacity, with those withheld amounts held in escrow until the institution stops supporting fossil fuel projects. The bill also bars U.S. government agencies, including the Export-Import Bank and USAID, from providing any loans, insurance, or financial assistance for fossil fuel activities or related infrastructure anywhere in the world. Additionally, it directs these institutions to phase out funding for gas-powered cars and buses by 2027 and requires annual Treasury reports to Congress documenting which institutions continue to finance new fossil fuel capacity. The bill does not specify new appropriations but instead redirects existing funding mechanisms as enforcement tools.
Take Action
Your position
Add a comment
to comment on this bill.
Annotate the text
Highlight any passage on the Summary or Full Text tab to attach a note. Annotations appear on the Annotations tab.