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Biden Orders End to U.S. Financing ‘Carbon-Intense’ Fossil Fuel Projects Abroad

Biden Orders End to U.S. Financing ‘Carbon-Intense’ Fossil Fuel Projects Abroad

Oil prices on track for big gains as Biden policies fuel inflation.

My colleague Mary Chastain noted that current reports indicate that inflation is at the highest levels that we have seen in nearly four decades.

Biden has just signed an order that will surely extend the problem.

The Biden administration has ordered U.S. government agencies to immediately stop financing carbon-intensive fossil fuel projects overseas and prioritize international collaborations to deploy clean energy technology, according to U.S. diplomatic cables.

The cables, seen by Reuters, say U.S. government engagements should reflect the goals set in an executive order issued at the start of the year aimed at ending American financial support of coal and carbon-intensive energy projects overseas.

“The goal of the policy described below 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,” a cable said.

At least one country fully supports Biden’s move.

The move underscores how the Biden administration has made fighting climate change one its most urgent policy priorities. Yet the approach creates a major opening for China, which is eager to fund and finance energy projects around the world, often with sums of money the U.S. has been unable to match.

The administration stressed that while the U.S. government will withhold support, it won’t actively seek to prevent U.S. companies from building coal, oil and gas projects overseas.

Not surprisingly, oil prices are set to rise substantially.

Oil prices rose on Friday slightly and were on track for their biggest weekly gain since late August, with market sentiment buoyed by easing concerns over the Omicron coronavirus variant’s impact on global economic growth and fuel demand.

The Brent and U.S. West Texas Intermediate (WTI) crude benchmarks were both on course for gains of about 8% this week, their first weekly gain in seven, even after a brief bout of profit-taking.

Brent futures were up 42 cents, or 0.6%, at $74.85 a barrel by 2:06 p.m. Eastern (1706 GMT) after falling 1.9% on Thursday.

WTI rose 43 cents, or 0.6%, to $71.37 after sliding 2% in a volatile session the previous day.

The only things in this country that guaranteed to be fueled under Biden are inflation and fear.

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Comments

Yet 500 million to a megadonor for a panel plant in Italy is thumbs up.

Bilk Back Better

    Ben Kent in reply to alaskabob. | December 12, 2021 at 12:29 am

    BIDEN JUST GAVE CHINA A GREENLIGHT TO
    . . CONTROL GLOBAL ENERGY INFRASTRUCTURE

    The US competes for energy infrastructure projects globally. Infrastructure is big business. The US has an agency (OPIC) that provides funding to countries that use US equipment and US Firms for their projects. Literally tens of billions of dollars of revenue are received by US companies every year because of these energy projects.

    Well which country will now benefit by this ? China. These projects will use Chinese workers and companies and buy Chinese equipment.

    The Chinese sure got a great return on their investment in Joe/Hunter Biden.

    US WORKERS AND COMPANIES GET THE SHAFT AGAIN.

    HE HAS GOT TO GO — NOW !

    Let’s Go Brandon.

I’m waiting for an index of how many millions of votes per $0.50 increase in gas prices/gal. the libs will lose next year.

The idiot in chief promises lower prices at the pump while doing the bidding of crazy people. Currently, I’m referring to the progs’ agenda as goat-vomit-green.

My guess is that his “climate change” nonsense has cost the libs 10 million votes, so far.

I expect his overall inflationary increases and covid destruction of our economy to cost the libs another 30 million votes, except in the bluest of the blue cities, where crime may cost them control of even those enclaves of stupidity.

Let’s go Brandon!

    Dathurtz in reply to bear. | December 11, 2021 at 5:34 pm

    The good news for them is that they can shift votes into adjudication so it doesn’t matter how many votes they lose.

This administration is beheld by the Green wing of the Leftist Religion. They will do whatever they are told to do by them.

This guy’s gotta go.

    Peabody in reply to UJ. | December 11, 2021 at 5:27 pm

    His mind is already gone. The only thing remaining is his body which is being controlled by the puppet master.

      His emotional state is becoming childlike as well, witness his pathetic anxiety standing next to Harris (though who would want to?) , and literally asking his mother Jill to stand in between them.

      Whatever intellect Biden still has, his emotional state negates it. He is not running anything.

    MattMusson in reply to UJ. | December 11, 2021 at 5:34 pm

    Already Biden has engineered a world wide shortage of natural gas, shutting down fertilizer plants across the globe.

    Next year’s harvest will be bad. The following harvest will be catastrophic.

    100 million more poor children will starve.

follow the money

Somebody should have bought Brandon a copy of Sim City while he still had the brain cells to learn something from it.

Sim City is due for a re-write. In the new version abolishing police, massive government handouts and raising taxes to confiscatory levels will be the keys to prosperity and growth in your simulated city.

This is radical environmentalism which is green on the outside and red on the inside at work

The article says “Biden orders end to US financing…”

What really happened is they handed him an executive order and told him to make an X at the bottom of the page with his crayon.

What a great country. Anyone can become president. No s**t anyone. Can somebody please put a stop to this OMFG you think I’m kidding.

I’m not kidding.

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