EXIM’s approval of Estonian oil project financing another blow to Biden’s climate promises

FOR IMMEDIATE RELEASE

October 13, 2023

Contact:
Valentina Stackl, valentina@priceofoil.org
Collin Rees, collin@priceofoil.org

EXIM’s approval of Estonian oil project financing another blow to Biden’s climate promises

WASHINGTON, DC — In response to U.S. Export-Import Bank approval of financing for the Estonian Liwathon oil tank project, which is in breach of the United States’ Clean Energy Transitions Programme (CETP) commitment, Collin Rees, United States Program Manager at Oil Change International, said:

“EXIM’s decision to approve the Liwathon oil project is yet another concerning step in the wrong direction for climate action. This approval, following this summer’s backing of Transfigura’s LNG exports, signals yet another setback for President Joe Biden’s climate commitments. Despite lofty promises and international agreements, Biden continues to approve projects that exacerbate our climate crisis and threaten communities. 

“As many other G-20 countries implement their commitment to end public finance for fossil fuels, Biden and the United States risk becoming an international embarrassment with these retrograde approvals. The U.S. can help lead a shift of billions of dollars from last century’s dirty energy into the clean, renewable energy of the future, but approvals like Liwathon are a huge step backward.”

Note to Editors:

• Last month, Oil Change International reported that out of the G7 and the 39 countries that pledged to end their international fossil fuel finance at COP26 and the G7, the U.S. has approved the most fossil fuel finance in 2023 so far, providing a total of $1.5 billion for 4 projects. This latest approval further emphasizes the USA as a promise breaker ahead of the COP28 climate summit in Dubai.
• Overall implementation is being tracked by Oil Change International and partners; you can read more on implementation for the Clean Energy Transition Programme in our Leaders & Laggards briefing.

 

Update (October 16, 2023) | Notes to the editor:

After publication of this press release OCI learned that the loan guarantee is provided to an Estonian company for them to buy US made tanks and equipment for an oil tanker project in the Bahamas. The fossil fuel project in question – the Liwathon Terminal Bulk Oil Storage Repair Project –  is thus in the Bahamas, not in Estonia as the original version of this press release suggested.

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