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Clean Energy Support: Ending Fossil Fuel Funding Abroad

This act changes how the United States supports international financial institutions. It aims to redirect funds towards clean energy and climate justice projects, while limiting support for fossil fuel activities. This means US taxpayer money will back the global transition to green energy, potentially influencing the availability of renewable energy products and technologies.
Key points
The U.S. will use its influence in international financial institutions to promote greenhouse gas emission reduction and a shift to clean energy.
Support for new fossil fuel projects, including expansion or refurbishment, will be prohibited.
By 2025, the act aims to support phasing out funding for internal combustion engines in passenger vehicles and buses.
If international financial institutions continue to fund fossil fuel activities, the U.S. will reduce its contributions, placing the funds in an escrow account.
The act prohibits direct and indirect U.S. financial assistance for foreign fossil fuel projects.
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Expired
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Additional Information
Print number: 117_S_3106
Sponsor: Sen. Merkley, Jeff [D-OR]
Process start date: 2021-10-28
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Sustainable International Financial Institutions Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_3106.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-10-28.

What are the main provisions?

Key points include:

  • The U.S. will use its influence in international financial institutions to promote greenhouse gas emission reduction and a shift to clean energy.
  • Support for new fossil fuel projects, including expansion or refurbishment, will be prohibited.
  • By 2025, the act aims to support phasing out funding for internal combustion engines in passenger vehicles and buses.
  • If international financial institutions continue to fund fossil fuel activities, the U.S. will reduce its contributions, placing the funds in an escrow account.
  • The act prohibits direct and indirect U.S. financial assistance for foreign fossil fuel projects.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Sen. Merkley, Jeff [D-OR].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Environment Economy Public Investments