Joint Statement on Increased Funding for International Initiatives to Tackle Global Warming

Today the State and Foreign Operations Subcommittee of the House Appropriations Committee reported out a bill that would provide increased funding for international initiatives to tackle global warming, including funding for the Climate Investment Funds of the World Bank. The funding was part of the Treasury Department’s FY 2010 budget request.

The Natural Resources Defense Council, Environmental Defense Fund, National Wildlife Federation, Union of Concerned Scientists, and Sierra Club release the following statement in response to this vote.

“Today’s action is an important sign of commitment by the Obama Administration, supported by leaders in Congress, to reasserting US leadership in tackling global warming. The funding in the legislation will help support efforts in developing countries to drive clean energy solutions, reduce tropical deforestation, and aid the most vulnerable in adapting to climate change. Such funding represents a concrete step to address the international dimension of global warming while strengthening the US position leading up to negotiations on an international climate agreement in Copenhagen this December.

“While it is a first step, however, much work remains to be done to ensure that the funding is used exclusively to finance truly strong clean technology investment that will advance the effort to avert catastrophic global warming, rather than undermining it. In approving this funding, Congress should direct the Treasury to (i) ensure that no funding from the World Bank’s Clean Technology Fund be used to finance coal-fired power plants without carbon capture and sequestration technology, and (ii) ensure that the World Bank employ comprehensive carbon accounting for all of its relevant projects that reflects the global economic, social, and environmental cost of carbon emissions.

“In addition, we urge President Obama and Secretary Geithner to take a stronger and more proactive role in ensuring that the broader funding carried out by multilateral development banks and export-import banks, including the World Bank as well as the Overseas Private Investment Corporation and the Export-Import Bank, pursue their objective of promoting economic growth in developing countries in a way that supports international efforts to address climate change.

“We look forward to working with Members of Congress and the Administration to achieve these goals as the legislation moves through Congress.”