Petrochemical Plant Wins EXIM Loan Despite Biden Climate Vow

(Bloomberg, New York, 11 October 2024) The US Export-Import Bank authorized a $690 million loan to help build a petrochemical plant in Malaysia, despite objections from climate activists who say the project flouts Biden-Harris administration promises to halt financing for fossil fuel projects abroad. The loan approved Thursday and disclosed Friday comes amid intensifying scrutiny of how independent US agencies are addressing climate change following decisions that run counter to President Joe Biden’s environmental agenda. In 2021 Biden issued an executive order vowing to curb public funding of climate-damaging ventures and the US signed a pledge with 33 other nations committing to halt such support.