WASHINGTON--(Business Wire)--
The Export-Import Bank of the United States (Ex-Im Bank) today became the first
Export Credit Agency (ECA) to adopt a comprehensive Carbon Policy to guide its
support of United States exports in light of climate change concerns.
"We want to help American manufacturers produce green technology for the world.
This common sense approach is good for the environment. It`s good for business,
and it`s good for American workers," said Fred P. Hochberg, chairman and
president of Ex-Im Bank.
The Carbon Policy is in keeping with the Obama Administration`s commitment to
help create new jobs through promotion of "green" technology.
"We look forward to working with the Export-Import Bank on implementation of
their Carbon Policy," said Nancy Sutley, Chair of the White House Council on
Environmental Quality. "The Board's approval of their Carbon Policy is an
important step toward greater transparency and enhanced environmental
stewardship."
Included in the policy is a commitment to explore ways to further improve the
Bank`s transparency in the tracking and reporting of CO2 emissions from projects
that it supports.
As a part of this policy the Bank has established for the first time a $250
million facility to finance renewable energy exports, including solar, wind and
geothermal energy.
The policy also commits the Bank to be a leader in financing of climate-friendly
technologies made by American workers, including those that reduce greenhouse
gas emissions and increase energy efficiency.
Ex-Im Bank also committed to advocate in the Organization for Economic
Cooperation and Development (OECD) for the creation of financing incentives for
low to zero CO2-emitting projects, a common methodology for evaluating and
taking into account the social cost of carbon, and disincentives for high
intensity fossil fuel projects. The Bank initiated its efforts involving the
OECD within hours of the Carbon Policy`s approval.
"Adoption of the Bank`s new Carbon Policy is an important first step. As we move
forward in the coming weeks we are committed to an open process to help us
implement this policy by continuing to actively engage American exporters,
workers and environmental advocates," Hochberg said.
The full text of the Board`s Carbon Policy is available on the Ex-Im Bank
website, http://www.exim.gov/
In October 1998 the Bank was the first ECA to track greenhouse gas emissions of
projects for which it provided financing. It was also the first to publically
disclose those figures.
Ex-Im Bank has historically been a leader in evaluating the environmental
consequences of the projects for which it provides financing. The Bank has had
environmental procedures in effect since 1993 and has been an international
leader in this arena. It has vigorously promoted the adoption of common
environmental standards by other export credit agencies through its activities
in the OECD.
In Fiscal Year 2009, which ended September 30, the Bank authorized more than $21
billion in support of U.S. exports and associated jobs, the highest financing
level since the Bank was established in 1934. The Bank also set a record for
financing of U.S. small business exports at $4.36 billion.
Ex-Im Bank is the official export-credit agency of the United States. The
independent, self-sustaining federal agency, now in its 75th year, helps to
create and maintain U.S. jobs by financing the sale of U.S. exports, primarily
to emerging markets throughout the world, by providing loan guarantees,
export-credit insurance and direct loans.
Export-Import Bank of the United States
Stephanie M. O`Keefe
Sr. Vice President, Communications
202-565-3200
or
Phil Cogan
Vice President, Public Affairs
202-565-3200
Copyright Business Wire 2009
