Export credit agencies, often overlooked, serve as major funders for fossil fuel projects globally, providing significant financial resources without the scrutiny seen in traditional multilateral institutions.
Discussions within the OECD this month could lead to a verbal agreement that significantly alters the funding landscape, potentially impacting how the U.S. Export Import Bank operates in relation to fossil fuels.
The U.S. administration's push for an agreement to limit funding for oil and gas projects reflects a changing tide in international finance, highlighting a shift toward cleaner energy investments.
If an agreement is reached, the Export Import Bank of the United States will face pressure to cease financial approvals for fossil fuel infrastructure, drastically altering its role in global energy financing.
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