Commodities and Futures News

U.S. may weigh up exemptions to ban on financing fossil fuel projects abroad-official

2022.04.01 19:52

U.S. may weigh up exemptions to ban on financing fossil fuel projects abroad-official
U.S. President Joe Biden announces the release of 1 million barrels of oil per day for the next six months from the U.S. Strategic Petroleum Reserve, as part of administration efforts to lower gasoline prices, during remarks in the Eisenhower Executive Of

By Timothy Gardner

WASHINGTON (Reuters) – The Biden administration may soon consider calls for exemptions to a ban on financing of new carbon-intensive fossil fuel projects overseas, a senior U.S. official said, as energy markets tighten on Russia’s invasion of Ukraine.

President Joe Biden in December ordered U.S. agencies to immediately stop financing coal, gas and other projects and prioritize global collaborations to deploy clean energy technology.

The order provided exemptions if a country faced severe consequences if it was unable to build a plant burning fossil fuels, such as natural gas or coal.

A senior U.S. official told reporters on condition of anonymity he suspected that over the coming months there will be situations where some officials will want to invoke the provision. The official, who did not want to be directly quoted, said there would be an interagency process on the merits of any exceptions.

Any expemptions to the order could underscore how Russia’s invasion has forced the Biden administration to balance priorities on tackling climate change with energy security, including by imploring domestic oil producers to boost production and to open up the Strategic Petroleum Reserve.

The invasion of Ukraine by Russia, which typically provides about 40% of the European Union’s natural gas and about 27% of its oil, has intensified the global energy crunch. The EU is seeking to wean itself off the imports, and traders worry Russia could use energy as a weapon by restricting shipments to global markets.

The official said that if the United States was to ultimately help fund any new fossil fuel projects overseas the country would have to show it is on a path to reducing the overall emissions of its economy.

Source

Related Articles

Leave a Reply

Back to top button
bitcoin
Bitcoin (BTC) $ 98,367.36 0.50%
ethereum
Ethereum (ETH) $ 3,429.48 2.62%
tether
Tether (USDT) $ 1.00 0.01%
solana
Solana (SOL) $ 258.32 0.55%
bnb
BNB (BNB) $ 659.36 2.54%
xrp
XRP (XRP) $ 1.48 5.89%
dogecoin
Dogecoin (DOGE) $ 0.44389 3.49%
usd-coin
USDC (USDC) $ 1.00 0.05%
cardano
Cardano (ADA) $ 1.08 1.11%
staked-ether
Lido Staked Ether (STETH) $ 3,428.64 2.63%
tron
TRON (TRX) $ 0.215457 4.13%
stellar
Stellar (XLM) $ 0.605807 37.32%
avalanche-2
Avalanche (AVAX) $ 42.51 2.53%
the-open-network
Toncoin (TON) $ 6.42 15.74%
shiba-inu
Shiba Inu (SHIB) $ 0.000027 0.16%
wrapped-steth
Wrapped stETH (WSTETH) $ 4,057.13 2.49%
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 98,141.29 0.67%
polkadot
Polkadot (DOT) $ 9.37 31.63%
chainlink
Chainlink (LINK) $ 18.10 8.61%
bitcoin-cash
Bitcoin Cash (BCH) $ 519.63 4.05%
sui
Sui (SUI) $ 3.52 0.10%
weth
WETH (WETH) $ 3,433.26 2.71%
pepe
Pepe (PEPE) $ 0.000021 2.36%
leo-token
LEO Token (LEO) $ 8.62 1.20%
near
NEAR Protocol (NEAR) $ 6.44 4.66%
litecoin
Litecoin (LTC) $ 102.05 0.97%
aptos
Aptos (APT) $ 13.24 5.63%
uniswap
Uniswap (UNI) $ 10.97 8.19%
wrapped-eeth
Wrapped eETH (WEETH) $ 3,614.36 2.68%
hedera-hashgraph
Hedera (HBAR) $ 0.154514 2.63%
internet-computer
Internet Computer (ICP) $ 12.05 9.42%
crypto-com-chain
Cronos (CRO) $ 0.199858 5.20%
usds
USDS (USDS) $ 1.00 0.05%
polygon-ecosystem-token
POL (ex-MATIC) (POL) $ 0.589934 12.73%
ethereum-classic
Ethereum Classic (ETC) $ 30.27 3.51%
render-token
Render (RENDER) $ 7.97 4.71%
bittensor
Bittensor (TAO) $ 541.80 3.79%
kaspa
Kaspa (KAS) $ 0.155562 0.51%
fetch-ai
Artificial Superintelligence Alliance (FET) $ 1.47 12.46%
ethena-usde
Ethena USDe (USDE) $ 1.00 0.10%
cosmos
Cosmos Hub (ATOM) $ 9.40 20.69%
bonk
Bonk (BONK) $ 0.000049 0.81%
arbitrum
Arbitrum (ARB) $ 0.889454 9.52%
filecoin
Filecoin (FIL) $ 6.06 22.97%
whitebit
WhiteBIT Coin (WBT) $ 24.77 0.40%
vechain
VeChain (VET) $ 0.044079 11.80%
dai
Dai (DAI) $ 1.00 0.12%
dogwifcoin
dogwifhat (WIF) $ 3.37 4.55%
mantra-dao
MANTRA (OM) $ 3.72 4.39%
celestia
Celestia (TIA) $ 7.74 31.50%