New Law Requires U.S. OPIC to Reduce Greenhouse Gas Emissions by 50%

(Pacific Environment, San Francisco, 22 December 2009) As climate negotiations in Copenhagen ended with a whimper, new U.S. legislation passed last week that requires the U.S. Overseas Private Investment Corporation (OPIC) to phase down greenhouse gas emissions from financed projects by 30 percent in 10 years and by 50 percent in 15 years. These provisions include requirements for OPIC to implement a revised climate change mitigation plan to phase down GHG emissions associated with projects and sub-projects by at least 30% in 10 years and 50% in 15 years over 2008 levels. This builds off of emissions reductions of 20% over 10 years that was achieved in an agreement settling a landmark 2002 lawsuit filed by Friends of the Earth, Greenpeace and others. See pages 250-251 of the bill.