Biden seeks deal to eliminate funding for oil and gas projects abroad

Export credit agencies provide funding to companies seeking to build large and risky infrastructure projects, often in developing countries.

If the OECD agrees to stop export credits for fossil fuels, EXIM will have to stop approving loans to oil and gas infrastructure.

The Biden administration has taken no action to overrule EXIM ’s approvals of fossil projects.

UK was one of the earliest proponents of ending fossil fuel export credits at the OECD .

At the time, the US declined to support the framework.

It wasn't until after Trump ’s reelection that the White House changed tack and endorsed it.

A few other countries, like South Korea , have hesitated to endorse the agreement.