Congress Daily

Wed. June 25, 2008

HILL BRIEFS

Bush-Backed Energy Fund Stalled By Frank, Pelosi

Citing concerns by House Speaker Pelosi that an international Clean Technology Fund backed by the Bush administration might be used to build coal-burning power plants, House Financial Services Chairman Barney Frank postponed a markup on the bill Tuesday.

The administration’s proposal to contribute $2 billion over three years to the fund, which would be managed by the World Bank to help developing countries adopt cleaner forms of energy, had been approved by the Financial Services Monetary Policy Subcommittee despite strong opposition from environmental activists and some panel members.

Environmentalists say the World Bank has a history of supporting so-called “clean” technology for coal-fired plants that are a big source of global warming emissions.

Frank removed the bill from the full committee’s agenda Tuesday, saying that Pelosi wants to first have discussions about it with Treasury Secretary Paulson.

The World Bank’s proposed Climate Investment Funds (CIF) are stirring controversy among governments and NGOs, largely because of the Bank’s record as the world’s largest multilateral lender for fossil fuels. NGOs are especially concerned that the top-down, donor-driven funds will conflict with and undermine parallel efforts under the auspices of the UN’s Climate Convention.

Bangkok statement on wbg climate funds

World Bank Climate Funds Primer From TWN

Oil Change International has joined forces with other leading environment and development organizations in the Climate Equity campaign - which includes shifting fossil fuel subsidies as one of its key intiatives. Read more about the campaign and take a moment to join us and get involved!