Bill > S3123

This bill aims to push international financial institutions towards supporting clean energy by requiring U.S. executive directors to use the United States' voting power to advance greenhouse gas reduction and sustainable energy systems. The bill would prohibit U.S. support for any investments, loans, or assistance that create or expand fossil fuel activities across 12 specified international financial institutions, including the World Bank and regional development banks. Key provisions include mandating that the Secretary of the Treasury track and reduce U.S. contributions to institutions supporting fossil fuel projects, with those funds placed in an escrow account until the institution stops financing such activities. The bill broadly defines fossil fuel activities to include exploration, production, transportation, and marketing of coal, oil, and gas, and extends to unconventional sources like oil sands and shale-derived fuels. Additionally, the legislation prohibits U.S. foreign assistance agencies from providing any direct or indirect financial support for fossil fuel projects globally. The bill also supports phasing out internal combustion engines for passenger vehicles and buses by 2027, with a focus on ensuring sustainable transitions for affected communities.

Government Affairs

https://www.congress.gov/bill/119th-congress/senate-bill/3123/all-info