Fury Over $500 Million US Export-Import Bank Loan to Bahrain 'Climate Bomb'

Olivia Rosane is a staff writer for Common Dreams.

Despite a Biden administration pledge to stop backing international fossil fuel projects by 2022, the U.S. Export-Import Bank announced Thursday that it would provide a $500 million loan for oil and gas expansion in Bahrain. The funding marks the fifth time that EXIM has chosen to back a fossil fuel project abroad since President Joe Biden joined the Clean Energy Transition Partnership at the United Nations COP26 climate conference in Glasgow in 2021.

However, EXIM told Congress when it first announced the potential funding that the project would create more than 400 new oil wells and 30 new gas wells, Reuters reported. The announcement came two days after Democratic and Independent lawmakers led by Sen. Jeff Merkley sent a letter to the bank urging it not to fund the project 'because of its negative impacts on the climate.

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