- Released April 28, 1999
OPIC, Ex-Im & Climate Change: Business as Usual?
By Jon Sohn, Jim Vallette, Daphne Wysham
An Analysis of U.S. Government Support for Fossil Fueled Development Abroad, 1992-98
The two U.S. export credit/investment insurance agencies (ECAs), the Overseas Private Investment Corporation (OPIC) and Export-Import Bank of the United States (Ex-Im), are world class climate destabilizers: From 1992-98, these two agencies together underwrote $23.2 billion in financing for oil, gas and coal projects around the world; these projects will, over their lifetimes, release 29.3 billion tons of carbon dioxide. This figure is slightly greater than all global emissions for 1996. This investment in fossil fuels far outpaces those of some multilateral development banks, such as the European Bank for Reconstruction and Development ($1.2 billion and 6.5 billion tons of CO2 from 1992-97 ) and rivals that of the World Bank ($13.6 billion and 37.5 billion tons of CO2 from 1992-98).