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S 4834 116th Congress Senate International Affairs Air quality Alternative and renewable resources Climate change and greenhouse gases Coal Competitiveness, trade promotion, trade deficits Foreign aid and international relief Foreign loans and debt International organizations and cooperation Multilateral development programs Oil and gas

Sustainable International Financial Institutions Act of 2020

Introduced: October 21, 2020 Introduced by: Merkley, Jeff Democratic · Oregon See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Oct 21, 2020
Read twice and referred to the Committee on Foreign Relations.
Oct 21, 2020
Introduced in Senate
 Plain-English summary Congressional Research Service

Sustainable International Financial Institutions Act of 2020

This bill establishes requirements to promote clean energy and climate justice globally through international financing mechanisms.

Specifically, the bill requires the U.S. Executive Directors of specified international financial institutions to use the voice and vote of the United States to (1) advance the cause of reducing carbon emissions and transitioning the global economy to a clean energy economy, and (2) oppose any loan or extension of financial or technical assistance to a country or entity to create new capacity for fossil fuel activity. The Department of the Treasury must reduce the yearly U.S. contribution to a financial institution by the amount of any loans or assistance provided by the institution to a country or entity to create new capacity for fossil fuel activity during that year.

Further, the bill prohibits the United States from providing any loan, insurance, guarantee, or extension of financial or technical assistance to a country or entity for any fossil fuel activity.

What's happening now October 21, 2020

Read twice and referred to the Committee on Foreign Relations.

 Committees of jurisdiction 1