Obama Administration Fossil Fuel Subsidies Undermine Climate Talks

(Pacific Environment, Doha, 28 November 2012) The Obama Administration is supporting skyrocketing export subsidies for dirty fossil fuels through the United States Export-Import Bank (Ex-Im Bank). The subsidies, revealed in the newly released Ex-Im Bank 2012 Annual Report, are significantly larger than ever before and dwarf the U.S. funds provided for developing countries to address climate change. As United Nations climate negotiations commenced this week, the U.S. State Department claimed nearly $2.3 billion has been provided to developing countries in fast start climate finance. However, the Ex-Im Bank’s fossil fuel financing is 452% higher than this sum. The United States Export-Import Bank financed at least $10.4 billion in fossil fuel projects in 2012.