Barrasso Introduces Bill to Combat Global Energy Poverty

WASHINGTON, D.C. – U.S. Senator John Barrasso (R-Wyo.) recently introducedlegislationto combat global energy poverty. The bill eliminates prohibitions at international financial institutions that do not support traditional energy projects, including coal, natural gas, oil, and civil nuclear energy.
More than 730 million people in developing countries around the world are in desperate need of a stable supply of energy and reliable electricity in order to combat global poverty. International financial institutions, like the World Bank, have burdensome restrictions and regulations in place that restrict critical energy projects to address this need. This bill would eliminate these prohibitions and cut U.S. funding to the World Bank until the organization promotes the financing of coal, oil, natural gas, and nuclear energy projects.
“Every U.S. dollar at the World Bank should make a difference for people in the developing world,”said Barrasso. “Developing countries desperately need affordable and reliable energy. Instead of promoting valuable energy projects, the World Bank continues to boycott coal power generation, oil and gas production and nuclear energy projects. This bill will force the hand of the World Bank and any financial institutions that choose to play politics with the lives of those dependent on these critical energy projects.”
Co-sponsors of this legislation include U.S. Senators Cynthia Lummis (R-Wyo.), Ted Cruz (R-Texas), Pete Ricketts (R-Neb.), Marsha Blackburn (R-Tenn.), Mike Lee (R-Utah) and Bill Hagerty (R-Tenn.).
Background
On January 27, 2021, the Biden administration signed an executive order requiring the Secretary of Treasury to develop a strategy for how the voice and vote of the United States can be used in international financial institutions, including the World Bank Group and the International Monetary Fund, to promote financing aligned with the goals of the Paris Agreement. It also directed the development of a plan to end international financing of carbon-intensive fossil fuel-based energy, which by its very nature, will hurt the poorest of the poor.
The Combatting Global Poverty Through Energy Development Act:
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