Biden is making a last ditch effort to cut off funding for oil and gas projects abroad

Get the Full StoryTrump would have a hard time undoing a potential international agreement to end most export credits for fossil fuel infrastructure.

In the landscape of international finance for fossil fuels, some of the most important players are obscure government bodies known as export credit agencies. These agencies provide funding to companies seeking to build large and risky infrastructure projects, often in developing countries. In return, the developers of those projects purchase construction materials or other goods from the country of the agency. For instance, an oil pipeline company might take a loan from a German export credit agency in exchange for using German steel in the pipeline.

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