CNRG - Biden halts U.S. financing for overseas fossil fuel projects

The Biden administration has ordered an immediate end to federal support for new coal, oil and gas projects overseas, as detailed in a cable reportedly sent late last week to U.S. embassies. in a major policy shift designed to fight climate change and accelerate the use of renewable energy. ETFs: XLE, XOP, VDE, OIH, FENY, FCG, IXC, CNRG, XES, IYE The policy bans any U.S. government financing of overseas coal projects that do not capture or only partially capture carbon emissions, and limits engagement on other new fossil fuel projects that are deemed carbon intensive. The policy includes exemptions, including for national security concerns, and does not apply to existing projects. The directive could affect some potential foreign projects, including terminals in eastern Europe and the Caribbean to receive shipments of U.S. natural gas. While the U.S. government will withhold support, it will not actively seek to prevent U.S. companies

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Biden halts U.S. financing for overseas fossil fuel projects