Export-Import Bank adopts carbon policy to encourage renewable energy technologies

4 November 2009

The US based Export-Import Bank has introduced a comprehensive carbon policy to support US exports in light of climate change, the company has announced.

This policy is the first to be adapted by an Export Credit Agency (ECA) and is said to coincide with President Barack Obama’s commitment to help create new jobs through the promotion of green technology. As part of this policy, the Ex-Im bank has established for the first time a $250m facility to finance renewable energy exports, including solar, wind and geothermal energy. As well, the policy stipulates the bank will explore ways to further improve its transparency in the tracking and reporting of CO2 emissions from projects that it supports.

Fred P Hochberg, chairman and president, Ex-Im Bank, said, ‘We want to help American manufacturers produce green technology for the world. This common sense approach is good for the environment. It’s good for business, and it’s good for American workers.’

Ex-Im Bank also committed to advocate in the Organization for Economic Cooperation and Development (OECD) for the creation of financing incentives for low to zero CO2-emitting projects, a common methodology for evaluating and taking into account the social cost of carbon, and disincentives for high intensity fossil fuel projects. The Bank initiated its efforts involving the OECD within hours of the Carbon Policy’s approval.

Ex-Im bank began its environmental efforts in 1993 by promoting the adoption of common environmental standards. In 1998, the bank became the first ECA to track greenhouse gas emissions from projects it was financing.

Copyright © 2009 NewNet

Tags: energy efficiency

This story was published on Wednesday, November 4th, 2009 at 4:44 pm and is filed under North America, companies, energy efficiency. You can follow any responses to article entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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