Bill > S1783

This bill, known as the "Combating Global Poverty Through Energy Development Act," aims to push international financial institutions to continue financing fossil fuel and nuclear energy projects. The bill directs the U.S. Treasury Secretary to instruct U.S. Executive Directors at various international financial institutions to oppose and rescind any policies that restrict financing for coal, oil, natural gas, or nuclear energy projects. Specifically, it targets the International Bank for Reconstruction and Development, requiring it to reverse existing restrictions on financing coal power, upstream oil and gas exploration, and nuclear energy projects. The bill places a significant constraint on funding, limiting up to 50% of the Bank's fiscal year 2026 budget until it removes these restrictions. Additionally, the bill requires the Secretary of the Treasury, in collaboration with other federal agencies, to identify ways to promote international energy project financing in developing countries. The Secretary must submit an annual report to congressional committees detailing efforts to eliminate financing restrictions and progress in promoting energy projects. The bill defines "covered international financial institutions" to include major global financial organizations like the World Bank, International Monetary Fund, and regional development banks, demonstrating a broad approach to changing international energy financing policies.

Government Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/1783/all-info