The United States will immediately halt federal investments in coal-fired power plants and other carbon-intensive projects abroad. The decision involves billions of dollars in annual funding and diplomatic and technical assistance.
However, there are still a number of exceptions. These include interventions that threaten the national security of the United States. Investments may also be needed to expand access to energy in vulnerable areas. The policy also does not apply to existing projects, including those that the United States has supported under different governments.
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This change of course in US policy could affect a significant number of potential foreign projects. These include the construction of terminals in Eastern Europe and the Caribbean that can store US natural gas.
This withdrawal of the United States, however, creates opportunities for China, for example. This country is keen to finance energy projects around the world. It is being done with sums of money the United States cannot match.
Finally, it should be noted that the withdrawal of the US government does not mean that national companies will be actively prevented from engaging in coal, oil and gas projects abroad.
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