In May, Senator Markey called for President Biden to end financing support for fossil fuel projects overseas
Washington (November 5, 2021) – Senator Edward J. Markey (D-Mass.), Chair of the Climate Change, Clean Air, and Nuclear Safety Subcommittee, released the following statement after President Joe Biden committed to ending all new public financing support for fossil fuel projects overseas, a step Senator Markey called for in May. During the global climate summit in Glasgow this week, the United States joined nineteen other nations in committing to end all government-backed public financing for fossil fuel projects abroad by the end of 2021. The decision will take billions of dollars away from future fossil fuel production and re-direct taxpayer funds towards low-carbon energy projects such as wind and solar.
“President Biden’s pledge to end all public financing of fossil fuel projects abroad is an historic and long-overdue step to reduce emissions and safeguard our planet for future generations. This decision will grow demand for American-made clean energy solutions, while helping developing nations grow their economies in a way that is clean, healthy, and safe for our climate,” said Senator Markey. “This is our opportunity to finally stop financing the climate crisis overseas, and I look forward to working with the Biden administration to ensure the strict implementation of this policy.”
This May, Senator Markey and Representative Earl Blumenauer (OR-03) led their colleagues in a bicameral letter to President Biden encouraging him to end U.S. public financing support for fossil fuel projects overseas within 90 days.
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