Bill > HR5952

This bill aims to transform how the United States engages with international financial institutions to combat climate change by requiring US representatives to use their voting power to advance clean energy goals and reduce fossil fuel investments. Specifically, US Executive Directors at 12 major international financial institutions (including the World Bank and regional development banks) must advocate for reducing greenhouse gas emissions, oppose new fossil fuel infrastructure projects, and support the phaseout of internal combustion engine vehicles by 2031. The bill introduces a financial penalty mechanism where the Treasury Secretary will reduce US contributions to institutions that continue funding fossil fuel activities, depositing those funds in an escrow account until the institutions cease supporting such projects. The bill broadly defines "fossil fuel activity" to include exploration, production, transportation, and marketing of coal, oil, and gas, and comprehensively prohibits US government agencies from providing financial assistance for fossil fuel-related projects internationally. This legislation represents a significant policy shift toward incentivizing global clean energy transition by leveraging the United States' financial influence in international development institutions.

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https://www.congress.gov/bill/119th-congress/house-bill/5952/all-info