Skip to content

Biden Halts Federal Aid to New Fossil Fuel Projects Overseas

  • Policy blocks new finance and diplomatic support for ventures
  • Carbon-intensive projects could get backing for security needs
Joe Biden

Joe Biden

Photographer: Oliver Contreras/Sipa/Bloomberg

Updated on

The Biden administration has ordered an immediate halt to new federal support for coal plants and other carbon-intensive projects overseas, a major policy shift designed to fight climate change and accelerate renewable energy worldwide.

The wide-ranging directive for the first time bars U.S. government backing for future ventures, potentially affecting billions of dollars in annual funding as well as diplomatic and technical assistance. The move was detailed in a cable sent late last week to U.S. embassies and obtained by Bloomberg News.