Biden admin puts stop to most US funding of global fossil fuel projects: Report

If it seems like rising energy costs are being driven up by Democratic policies — well, that’s because they are.

According to the Washington Examiner, the Biden administration confirmed Friday that it has halted the majority of U.S. taxpayer support for the development and operation of fossil fuel-derived energy projects in foreign countries around the world — a move that focuses more on Dems’ goals related to climate change than on helping put money back in Americans’ pockets.

The news comes by way of diplomatic cables issued by Biden’s State Department to its various embassies across the globe. According to the Examiner, the memos make clear that U.S. policy “will center on promoting clean energy,” rather than helping finance foreign energy projects that utilize fossil fuels like coal, natural gas, and oil.

No more funding

In a statement, a spokesperson for the U.S. State Department explained that the new guidance “steers U.S government investment toward clean energy projects that will power the future and maintain our foreign policy interests.”

According to Reuters, the cables read:

The goal of the policy…is to ensure that the vast majority of U.S. international energy engagements promote clean energy, advance innovative technologies, boost U.S. cleantech competitiveness, and support net-zero transitions, except in rare cases where there are compelling national security, geostrategic, or development/energy access benefits and no viable lower carbon alternatives accomplish the same goals.

The memos reportedly took an exceptionally strong stance against coal, even limiting national security and geostrategic exceptions to its new policies to projects that either fully capture all carbon emissions or are part of a planned phaseout of the fossil fuel altogether.

It’s all part of the plan

The new tactic, according to reports, tracks directly back to an executive order issued by President Biden on Jan. 27 aimed at “tackling the climate crisis at home and abroad.”

The order had tasked relevant federal agencies with developing climate change-focused policies and “promoting the flow of capital toward climate-aligned investments and away from high-carbon investments” as part of the administration’s broader “climate finance plan.”

The order also directed relevant agency heads to “identify steps through which the United States can promote ending international financing of carbon-intensive fossil fuel-based energy while simultaneously advancing sustainable development and a green recovery.”

A look ahead

For what it’s worth, the Examiner notes that there was at least a partial nod to reality in the cables: While the government will no longer fund these projects, it won’t stand in the way of private U.S. companies that seek to finance or invest in them in order to meet the still overwhelmingly high demand for — and global reliance upon — fossil fuel-derived energy.

Nevertheless, the substantial shift in capital could result in major disruptions to energy markets and future development, which will almost assuredly result in even higher energy costs for consumers in America and abroad.

When it comes to economic recovery post-COVID, is this really what Biden had in mind?

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