Oil Change International

Exposing the true costs of fossil fuels

As Copenhagen begins, Obama Approves $3 Billion for Exxon

Undermining its own credibility in Copenhagen and the integrity of its pledge to phase out support for fossil fuels, an agency of the Obama Administration, the United States Export-Import Bank, has reportedly approved $3 billion in financing for an Exxon led consortium constructing a liquefied natural gas plant on Papua New Guinea.

The Obama Administration has yet to commit to any specific amount of financing for developing nations to transition to a clean energy economy and adapt to the impacts of climate change.

“Does the Obama Administration seriously expect other nations to believe that it can’t find money to fund international efforts to build a clean energy economy and help vulnerable communities adapt to climate change when they’re still giving billions to Exxon?” said Steve Kretzmann of Oil Change International

Doug Norlen, Policy Director for Pacific Environment added,  “How can other governments take the U.S climate change commitments seriously if it is financing the increase of emissions through such fossil fuel projects?”

The Administration was also instrumental in the recent G20 pledge to end fossil fuel subsidies, but has not even instructed agencies within its own Administration to stop that financing.  Just two weeks ago, climate and development coalitions in the United States, including USCAN and InterAction, called on the Obama Administration to immediately end fossil fuel subsidies via agencies of the Administration , including the US Export-Import Bank.

“Exxon made more than $45 billion last year, making it the most profitable corporation on the planet.  This is the last place that taxpayer support should be going.  The Administration should immediately reverse this decision and immediately devote this money and more to international climate finance” said Kretzmann.

Details of the deal, which has not yet been announced publicly, are set to be announced this week.  The story was initially reported by Bloomberg news in Washington.

Comments (2)

  1. Mike says:

    I really can’t believe my eyes and ears… You think if Nobel had waited a matter of weeks it would never have given the prize to this liar who, I must admit, I was excited by what he may bring to the world when he was elected. I heard there are over 20 levels of authoritative priority above Obama… We don’t stand a chance.

  2. WHISTLE BLOWER:

    30 years ago (May 9, 1979), I DOUBLED the Gas Mileage on a Florida Police Car, with simple Water Injection. Even though the Major News Networks announced it, no one from the Car Companies or Washington, came to check it out. Instead, I received threats to my life, experienced manipulation by E.P.A. and even had Major Magazines like Popular Mechanics, refute the Technology.

    Recently, I was a Guess Speaker at the FIRST Middle East Oil & Gas – Alternative Energy Convention in Dubai and had the only Alternative Energy Exhibition Booth. I still have not received any Cooperation, even though the Copenhagen Climate Change Convention, is mandating Alternative Energy.

    I believe that the most successful strategy to succeed, would be for all buyers of Gasoline, to Stop Buying from the Biggest Oil Company – EXXON MOBIL, until they are out of Business, or Change their Evil Ways. This Strategy, would also ALARM all the other Oil Companies, knowing, that they could be next.

    Nino De Santis (N.G.O.)
    C.E.O.
    Tectane Technologies http://www.tectane.com
    Former Sr. Technology Advisor
    United Nations Assoc. U.S.A.
    Nominated Ecological Entrepreneur 1997 (Canada)

    ps many of my enemies have and will continue to discredit me

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