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[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[S. 5374 Introduced in Senate (IS)]
<DOC>
118th CONGRESS
2d Session
S. 5374
To support financing of affordable and reliable energy projects by
international financial institutions, and for other purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
November 21, 2024
Mr. Barrasso (for himself, Ms. Lummis, Mr. Sullivan, and Mr. Cruz)
introduced the following bill; which was read twice and referred to the
Committee on Foreign Relations
_______________________________________________________________________
A BILL
To support financing of affordable and reliable energy projects by
international financial institutions, and for other purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Combating Global Poverty Through
Energy Development Act''.
SEC. 2. OPPOSITION TO RESTRICTIONS BY INTERNATIONAL FINANCIAL
INSTITUTIONS ON FINANCING OF CERTAIN ENERGY PROJECTS.
(a) In General.--The Secretary shall instruct the United States
Executive Director of each covered international financial institution
to use the voice, vote, and influence of the United States--
(1) to oppose any rule, regulation, policy, or guideline
that would restrict, prohibit, or have the effect of
restricting or prohibiting, the financing of coal, oil, natural
gas, or civil nuclear energy projects; and
(2) to rescind each rule, regulation, policy, or guideline
that, as of the date of the enactment of this Act, restricts or
prohibits such financing.
(b) Reversal of Policies at International Bank for Reconstruction
and Development.--The Secretary shall instruct the United States
Executive Director of the International Bank for Reconstruction and
Development to immediately and vigorously pursue policy changes at the
Bank, through formal initiatives and through bilateral discussions,
that will result in the reversal of the Bank's--
(1) restrictions on financing coal power generation;
(2) prohibitions on financing upstream oil and gas
exploration and production; and
(3) prohibition on financing of civil nuclear energy
projects.
(c) Limitation on Funds for International Bank for Reconstruction
and Development.--Not more than 50 percent of amounts made available
for the International Bank for Reconstruction and Development for
fiscal year 2025 or any fiscal year thereafter may be obligated or
expended until the Secretary certifies to the appropriate congressional
committees that the Bank--
(1) has rescinded any rule, regulation, policy, or
guideline that restricts or prohibits, or would have the effect
of restricting or prohibiting, the financing of any coal, oil,
natural gas, or civil nuclear energy project; and
(2) has in effect a policy promoting the financing of coal,
oil, natural gas, and civil nuclear energy projects.
(d) Promotion of Financing of Energy Projects.--The Secretary, in
collaboration with the Secretary of State, the Secretary of Energy, the
President of the Export-Import Bank of the United States, the Chief
Executive Officer of the United States International Development
Finance Corporation, and the heads of other appropriate Federal
agencies, shall identify steps the United States can take to promote
international financing of energy projects, including coal, oil, and
natural gas projects, in order to help developing countries access
affordable and reliable power.
(e) Report Required.--Not later than 180 days after the date of the
enactment of this Act, and annually thereafter, the Secretary shall
submit to the appropriate congressional committees a report that
includes the following:
(1) A list of all of the rules, regulations, policies, or
guidelines of each covered international financial institution
that would restrict, prohibit, or have the effect of
restricting or prohibiting, the financing of coal, oil, natural
gas, or civil nuclear energy projects.
(2) A detailed description of the efforts of the United
States Executive Director of each such institution to eliminate
those rules, regulations, policies, or guidelines.
(3) A description of the steps identified under subsection
(d) and progress made in implementing those steps.
(f) Definitions.--In this section:
(1) Appropriate congressional committees.--The term
``appropriate congressional committees'' means the Committee on
Foreign Relations of the Senate and the Committee on Foreign
Affairs of the House of Representatives.
(2) Covered international financial institution.--The term
``covered international financial institution'' means any of
the following:
(A) The International Bank for Reconstruction and
Development.
(B) The International Development Association.
(C) The International Finance Corporation.
(D) The International Monetary Fund.
(E) The Inter-American Development Bank.
(F) The Inter-American Investment Corporation.
(G) The North American Development Bank.
(H) The European Bank for Reconstruction and
Development.
(I) The African Development Bank.
(J) The African Development Fund.
(K) The Asian Development Bank.
(3) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
<all>
Introduced in Senate
Read twice and referred to the Committee on Foreign Relations.
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