Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Ex-Im Bank Halts Funding Review for Vietnam Coal Plant

July 18 (Bloomberg) -- The U.S. Export-Import Bank voted to stop consideration of financing for a coal power plant in Vietnam, the first such decision since President Barack Obama vowed to cut federal support for the projects.

The lender said loans for U.S. exports to the Thai Binh Two power plant were rejected under policies in place before the president’s pledge last month. Climate-change activists said the decision is an important signal in the global-warming fight.

“By denying taxpayer backed financing for this dirty coal project, the Export-Import Bank put the action in the President’s Climate Action Plan,” Doug Norlen, policy director of Pacific Environment, which is fighting these kinds of fossil-fuel projects, said today in an e-mail.

Until now, Obama’s push to double exports of U.S. goods and services had undercut his goal of reducing the greenhouse gases linked to climate change, as the government-backed lender expanded financing that, by its own accounting, added to greenhouse-gas emissions.

Ex-Im financing for fossil-fuel projects in countries such as India and South Africa reached a record $9.6 billion in the 2012 fiscal year, almost double the 2011 total and five times the funding in the final year of the Bush administration, according to Ex-Im data compiled by Pacific Environment.

In addition to coal plants, the lender supports oil-field exploration, pipelines, refineries and gas-fired power plants.

To contact the reporter on this story: Mark Drajem in Washington at mdrajem@bloomberg.net

To contact the editor responsible for this story: Jon Morgan at jmorgan97@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.