U.S. Export-Import Bank Lifts Coal Lending Ban Amid Controversy

The U.S. Export-Import Bank reversed a ban on financing coal projects overseas, aligning with President Trump's coal agenda. The decision, criticized as an economic and climate setback, marks a shift from the previous administration's climate-focused investment strategies.

The U.S. Export-Import Bank's board voted to lift a restriction on lending to overseas coal projects, echoing President Donald Trump's pro-coal agenda. This decision, observed by three attendees, follows Trump's executive order promoting coal exports and domestic mining.

Under the Biden administration, the bank had paused such financing for over ten years, considering climate change in its investment approaches. Critics argue the reversal is a regressive step that endangers both economic and environmental progress.

Jake Schmidt of the Natural Resources Defense Council labeled the move as a disaster, suggesting it sets Ex-Im's policies back by two decades. Despite requests for a comment, Ex-Im remained silent on the announcement.

(With inputs from agencies.)