Biden Stops Funding Overseas Coal Plants Effective Immediately

Biden Announces The 7 Hydrogen Hubs To Receive $7B In Public Funding - Carbon Herald
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US President Joe Biden has just ordered the federal government to stop funding coal plants and other emissions-intensive projects in foreign countries. 

The order becomes effective immediately and comes just after Biden’s pledge for his government to achieve carbon neutrality by 2050. 

In addition, the order also makes an emphasis on global partnerships for the advancement and deployment of clean energy solutions. 

US diplomatic cables said that according to the order, the federal government should pursue engagements that will reflect the goals outlined by the executive order that was issued in the beginning of 2021

The aim of this policy is to halt US financial aid for fossil fuel and other carbon-intensive energy projects in other countries. 

Relevant: Biden’s Carbon Capture Plan To Delay Coal Plants Retirement

And instead, the government’s efforts are to be refocused on promoting clean energy generation, as well as advancing technological innovations and, thus, increasing domestic clean-tech competitiveness to support the transition to net-zero. 

There are, however, exceptions taken into account in this new policy. 

They include rare cases, where there are no viable lower-carbon alternatives available and where there are compelling national security or geostrategic access benefits. 

The policy has defined as carbon-intensive such projects whose greenhouse gas (GHG) emissions are above the limit of 250 grams of carbon dioxide per kilowatt-hour.

Read more: A Carbon Tax Among Biden’s Plans For Curbing Climate Change

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