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Barrasso bill to "combat global energy poverty"
WASHINGTON, D.C. – On Tuesday, U.S. Sen. John Barrasso, R-Wyo., introduced the Combating Global Poverty Through Energy Development Act (S. 758).
The legislation eliminates prohibitions and restrictions at international financial institutions that limit support of traditional energy projects, including coal, natural gas, oil and civil nuclear energy.
“Developing countries desperately need affordable and reliable energy,” Barrasso said in a news release. “Instead of using all available energy options, the World Bank would rather score political points by boycotting critical coal, oil and gas projects. The solution to ending energy poverty does not lie in limiting options. Our bill will encourage the World Bank to eliminate barriers to traditional energy resources, or risk losing American taxpayer funding.”
On Jan. 27, the Biden administration signed an executive order requiring the Secretary of Treasury to develop a strategy for how the voice and vote of the United States can be used in the international financial institutions, including the World Bank Group and the International Monetary Fund, to promote financing aligned with the goals of the Paris Agreement. It also directs development of a plan to end international financing of carbon-intensive fossil fuel-based energy.
Barrasso bill to "combat global energy poverty"
Legislation would slash U.S. funding for World Bank if it fails to support reliable power projects
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