Biden suspends US funding for new oil production projects abroad | Old Oil Oil Issues

The policy prohibits federal funds from foreign coal projects that do not capture or emit carbon dioxide.

U.S. President Joe Biden has ordered U.S. government agencies to immediately stop funding more for the production of more carbon dioxide abroad and to prioritize a global agreement to use clean energy technologies, according to US diplomatic crews Reuters News Agency.

These issues, which Reuters observes, say the US government’s actions should reflect the goals set earlier this year aimed at curbing US financial assistance on coal and gas offshore operations.

“The purpose of the information outlined below is to ensure that most US states promote energy efficiency, promote new technologies, promote US cleantech competition, and facilitate unparalleled transformation, except in some cases where there is international security., Geostrategic, or development / power access. energy and there are no other ways to reduce emissions that meet the same goals, “he said.

The announcement was first made by Bloomberg News.

The program refers to “carbon-intensive” global energy projects such as greenhouse gases above 250 grams of carbon dioxide per kilowatt hour and includes coal, oil or gas / petrol.

The policy prohibits any funding provided by the U.S. government to foreign coal projects that do not handle or emit low carbon emissions, allowing state-owned enterprises to participate in coal production unless the project proves complete emissions or is part of a rapid depletion.

It releases high-impact projects for two reasons: they are considered essential for national security or geostrategic reasons, or it is necessary to provide access to energy in high-risk areas.

The plan sets out the goals set by the authorities in previous legislation and legal directives and repeats them in various forums such as the Seventh General Assembly in France in August and the United Nations General Assembly in Scotland in late October and early November.

The conservationists say the plan, which they have been promoting for a long time, is a viable option but creates mechanisms that could thwart its goals.

“The process has its limitations and limitations which are not very clear, and can make oil restrictions unreasonable,” said Kate DeAngelis, an economist at Friends of the Earth.