The Biden administration has issued guidelines for fossil fuel energy use for international development banks in which the United States participates, the US Department of the Treasury said on Monday
WASHINGTON (Pakistan Point News / Sputnik - 16th August, 2021) The Biden administration has issued guidelines for fossil fuel energy use for international development banks in which the United States participates, the US Department of the Treasury said on Monday.
"Today, the US Department of the Treasury issued Fossil Fuel Energy Guidance for Multilateral Development Banks (MDBs), which is key Guidance in response to President [Joe] Biden's Executive Order 14008 on Tackling the Climate Crisis At Home and Abroad announced earlier this year," Treasury said in a press release.
The guidance said the Treasury Department advocated that MDB investments should prioritize clean energy, innovation and energy efficiency in order to achieve a clean and sustainable future consistent with the development goals of the Paris Climate Agreement.
"As the largest shareholder across the MDB system, the United States takes a leadership role with the new Treasury Guidance that advocates for MDB staff to assess options for clean energy, innovation, and energy efficiency, and to only consider fossil fuels if less carbon-intensive options unfeasible," the release said.
