Climate Politics
Bahrain Oil Field Wins US Financing Despite Biden’s Climate Vow
- Export-Import Bank provides $500 million loan guarantee
- US has pledged to halt funding foreign fossil fuel projects
This article is for subscribers only.
The US Export-Import Bank voted to provide a $500 million loan guarantee for an oil and gas development in Bahrain, despite objections from Democrats who said it would stoke climate change and undermine US credibility on the issue.
The financing agreement approved Thursday was five times larger than lawmakers and others expected and will support a project to drill more wells in the prolific Bahrain field. The bank said it will “increase the production of oil and the availability of gas to meet the future energy demands” of the country.