{"id":119949,"date":"2021-08-16T19:01:36","date_gmt":"2021-08-16T19:01:36","guid":{"rendered":"https:\/\/fin2me.com\/?p=119949"},"modified":"2021-08-16T19:01:36","modified_gmt":"2021-08-16T19:01:36","slug":"u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects","status":"publish","type":"post","link":"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/","title":{"rendered":"U.S. Treasury to oppose development bank financing for most fossil fuel projects"},"content":{"rendered":"<figcaption>FILE PHOTO: The U.S. Treasury building is seen in Washington, September 29, 2008. REUTERS\/Jim Bourg <\/figcaption><p>WASHINGTON (Reuters) -The U.S. Treasury Department issued new energy financing guidance to multilateral development banks on Monday, saying the United States would oppose their involvement in fossil fuel projects except for some downstream natural gas facilities in poor countries.<\/p>\n<p>The new guidance from the Treasury, the largest shareholder in major development banks including the World Bank Group and the African Development Bank, prioritizes financing for renewable energy options and \u201cto only consider fossil fuels if less carbon-intensive options (are) unfeasible.\u201d<\/p>\n<p>Treasury said in the guidance it would \u201cstrongly oppose\u201d coal energy projects across the entire coal value chain from mining, transport to power generation.<\/p>\n<p>But the guidance offered an endorsement of the Asian Development Bank\u2019s work to organize and develop a plan to acquire coal-fired power plants and shut them down early. The effort, first reported by Reuters, includes British insurer Prudential, lenders Citi and HSBC and BlackRock Real Assets, with ambitions for an initial purchase in 2022.<\/p>\n<p>The Treasury said it would support multilateral development bank support for coal decommissioning projects, adding: \u201cWe are encouraging the MDBs to explore potential projects for coal decommissioning.\u201d<\/p>\n<p>The new guidance follows a meeting of development bank heads convened by Treasury Secretary Janet Yellen in July, where she asked them to rapidly align MDB portfolios with the 2015 Paris Agreement and develop ambitious plans to mobilize private capital to fight climate change.<\/p>\n<p>The guidance, aimed at helping the banks meet those goals, also said that Treasury will oppose oil energy projects from exploration to the processing of transport fuels. It would make exceptions to this guidance only in \u201crare circumstances\u201d such as humanitarian crises or as backup generation for clean \u201coff-grid\u201d energy systems.<\/p>\n<p>The Treasury said it would oppose \u201cupstream\u201d natural gas projects, such as exploration, but could support midstream and downstream natural gas projects in poor countries that meet the World Bank\u2019s International Development Association targets if they meet certain other criteria.<\/p>\n<p>These include a credible analysis that there is not an economically or technically feasible renewable energy alternative and that the project has significant positive impact on energy security or development.<\/p>\n<p>Source: <a href=\"https:\/\/www.reuters.com\/article\/usa-climate-treasury\/update-1-u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects-idUSL1N2PN1KK\" target=\"_blank\" rel=\"noopener\">Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FILE PHOTO: The U.S. Treasury building is seen in Washington, September 29, 2008. REUTERS\/Jim Bourg WASHINGTON (Reuters) -The U.S. Treasury Department issued new energy financing [&#8230;]<\/p>\n","protected":false},"author":3,"featured_media":119948,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. Treasury to oppose development bank financing for most fossil fuel projects - Fin2me<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"U.S. Treasury to oppose development bank financing for most fossil fuel projects - Fin2me\" \/>\n<meta property=\"og:description\" content=\"FILE PHOTO: The U.S. Treasury building is seen in Washington, September 29, 2008. REUTERS\/Jim Bourg WASHINGTON (Reuters) -The U.S. Treasury Department issued new energy financing [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/\" \/>\n<meta property=\"og:site_name\" content=\"Fin2me\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-16T19:01:36+00:00\" \/>\n<meta name=\"author\" content=\"Mark\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/08\/U.S.-Treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mark\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/\",\"url\":\"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/\",\"name\":\"U.S. Treasury to oppose development bank financing for most fossil fuel projects - Fin2me\",\"isPartOf\":{\"@id\":\"https:\/\/fin2me.com\/#website\"},\"datePublished\":\"2021-08-16T19:01:36+00:00\",\"dateModified\":\"2021-08-16T19:01:36+00:00\",\"author\":{\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\"},\"breadcrumb\":{\"@id\":\"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/fin2me.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Markets\",\"item\":\"https:\/\/fin2me.com\/category\/markets\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"U.S. Treasury to oppose development bank financing for most fossil fuel projects\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/fin2me.com\/#website\",\"url\":\"https:\/\/fin2me.com\/\",\"name\":\"Fin2me\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/fin2me.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a\",\"name\":\"Mark\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/fin2me.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g\",\"caption\":\"Mark\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"U.S. Treasury to oppose development bank financing for most fossil fuel projects - Fin2me","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/","og_locale":"en_US","og_type":"article","og_title":"U.S. Treasury to oppose development bank financing for most fossil fuel projects - Fin2me","og_description":"FILE PHOTO: The U.S. Treasury building is seen in Washington, September 29, 2008. REUTERS\/Jim Bourg WASHINGTON (Reuters) -The U.S. Treasury Department issued new energy financing [...]","og_url":"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/","og_site_name":"Fin2me","article_published_time":"2021-08-16T19:01:36+00:00","author":"Mark","twitter_card":"summary_large_image","twitter_image":"https:\/\/fin2me.com\/wp-content\/uploads\/2021\/08\/U.S.-Treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects.jpg","twitter_misc":{"Written by":"Mark","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/","url":"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/","name":"U.S. Treasury to oppose development bank financing for most fossil fuel projects - Fin2me","isPartOf":{"@id":"https:\/\/fin2me.com\/#website"},"datePublished":"2021-08-16T19:01:36+00:00","dateModified":"2021-08-16T19:01:36+00:00","author":{"@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a"},"breadcrumb":{"@id":"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/fin2me.com\/markets\/u-s-treasury-to-oppose-development-bank-financing-for-most-fossil-fuel-projects\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/fin2me.com\/"},{"@type":"ListItem","position":2,"name":"Markets","item":"https:\/\/fin2me.com\/category\/markets\/"},{"@type":"ListItem","position":3,"name":"U.S. Treasury to oppose development bank financing for most fossil fuel projects"}]},{"@type":"WebSite","@id":"https:\/\/fin2me.com\/#website","url":"https:\/\/fin2me.com\/","name":"Fin2me","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/fin2me.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/fin2me.com\/#\/schema\/person\/ad0e9920e03d3b41c7ad02a18375d76a","name":"Mark","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/fin2me.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/39b72719fb75a2d3c7d7695026648602?s=96&d=mm&r=g","caption":"Mark"}}]}},"_links":{"self":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/119949"}],"collection":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/comments?post=119949"}],"version-history":[{"count":0,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/posts\/119949\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media\/119948"}],"wp:attachment":[{"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/media?parent=119949"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/categories?post=119949"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/fin2me.com\/wp-json\/wp\/v2\/tags?post=119949"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}