Two federal bank advisers resign over approval of financing $500 million for controversial project: 'We cannot afford [this]'

Just days before the vote to finance, six lawmakers, led by Sen. Jeff Merkley of Oregon, urged the bank’s board of directors to reconsider.

In a move that has sparked controversy and criticism, the Export-Import Bank of the United States has approved financing $500 million for an oil and gas project in Bahrain.

The decision has drawn scrutiny for its perceived inconsistency with President Biden’s commitment to reducing the use of oil and gas, and it even prompted two of the bank’s climate advisors to resign in February, the New York Times reported.

These oil and gas energy sources are often referred to as “dirty energy” because they release pollutants that contribute to the overheating of our planet and health concerns. This is something we want to avoid to protect our communities and the natural world.

When countries funnel money into dirty energy companies, they support industries that are major players in causing climate-related problems. This can lead to all sorts of challenges, from extreme weather events to health issues caused by air pollution.

Just days before the vote to finance, six lawmakers, led by Sen. Jeff Merkley of Oregon, urged the bank’s board of directors to reconsider, citing the project’s adverse impact on the climate.

In a letter to the bank, the lawmakers emphasized, “We cannot afford to have ExIm undermine domestic and international climate progress,” the Times reported.

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Despite the outcry, the bank defended its decision emphasizing its mission to promote American exports and job creation. However, critics argue that such financing contradicts the global commitment to transition away from these sources of pollution, a pledge reaffirmed by the United States and nearly 200 other nations, per the Times.

Instead, by investing in clean, renewable energy sources like solar and wind, countries can help lead the charge toward a healthier, more sustainable future. Investments in clean energy are skyrocketing and are now nearly double that of dirty energy investments, signaling a shift toward what’s being dubbed a new “energy superpower.”

There are also notable climate policies aimed at combating pollution rather than exacerbating it. Initiatives such as the Clean Power Plan, the Paris Agreement, and investments in renewable energy infrastructure are vital steps toward mitigating increased pollution and ensuring a sustainable future for generations to come.

You can do your part by educating yourself about climate issues and voting for pro-climate candidates.

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Two federal bank advisers resign over approval of financing $500 million for controversial project: ‘We cannot afford [this]’ first appeared on The Cool Down.