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In his final weeks, Biden aims to cut off funding for oil and gas projects abroad (grist.org)

submitted 1 week ago by PhilipTheBucket@ponder.cat to c/climate@slrpnk.net

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[–] PhilipTheBucket@ponder.cat 42 points 1 week ago (1 children)

The talks are taking place within the Organization for Economic Cooperation and Development, or OECD, a group of 38 wealthy countries that coordinate on export credit terms to prevent any one country from distorting trade relations. The countries are trying this month to hash out a verbal agreement on how to regulate their export credit agencies.

If such an agreement comes together, it would force a sea change in policy for the United States’ own export credit agency, which is known as the Export Import Bank of the United States, or EXIM. This independent agency is among the last remaining channels through which the U.S. government provides financial support to fossil fuel interests overseas.

I feel like sometimes people just read the headline, grab for the most near-at-hand thought pattern that corresponds to it within their collection of prejudices, and click "Send."

There's also some discussion of what Biden did earlier in his administration, how the industry responded, why they're trying to accelerate getting this into place right now, and so on. It's actually a lot more complex than the headline. Who knew.

[–] some_guy@lemmy.sdf.org 1 points 1 week ago (1 children)

I don’t see how what you quoted negates the original comment.

[–] PhilipTheBucket@ponder.cat 17 points 1 week ago

It's a multinational agreement, many of the signatories of which Trump will not be in charge of in any sense. And, even the US agency impacted is in theory "independent," which under Biden gave them some leeway to ignore his instructions to them. Although, Trump will surely mount an attack on that.

The point that I was making, which the article goes into more depth about, is that this is not just outside the executive branch, but a fully independent agency. Trump can attack it, sure, but he can't "overturn" the OECD, and getting this accomplished is not at all just a gesture.