Statistics on Ex-Im Bank’s Recent and Pending Fossil Fuel Emissions
Compiled by Pacific Environment
The following charts Ex-Im Bank’s estimate of recent and potential direct greenhouse
gasses associated with projects that it finances.
FY 2003 = 10 million Tonnes/yr of CO2
FY 2004 = 10.8 million Tonnes/yr of CO2
FY 2005 = 8.4 million Tonnes/yr of CO2
FY 2006 = 5.6 million Tonnes/yr of CO2
FY 2007 = 12.0 million Tonnes/yr of CO2
FY 2008 = 5.1 million Tonnes/yr of CO2
FY 2009 Potential = 30.096 million Tons/yr of CO2
Millon tons/yr
CO2
FY
20
FY 03
20
FY 04
20
FY 05
20
FY 06
20
FY
0
20 FY 7
09
20
Po 08
te
nt
ia
l
35
30
25
20
15
10
5
0
(Source: Ex-Im Bank Annual Reports, available at
http://www.exim.gov/about/reports/ar/index.cfm and Ex-Im Bank’s estimate of emissions
from projects with applications posted in FY 2009, available at
http://www.exim.gov/products/policies/environment/envproj.cfm)
Explanation: Figures for FY 2002-2008 are Ex-Im Bank’s estimate of direct emissions
from fossil fuel projects that the agency authorized for financing in those years. Figure
FY 2009 is Ex-Im Bank’s estimate of direct emissions from fossil projects posted in FY
2009. It is not yet known how many of the posted projects will be authorized for
financing in FY 2009. Some will likely not be voted on by Ex-Im Directors until FY
2010, and therefore reducing ultimate FY 2009 emissions. However, the data
demonstrate a sharp upward trend in applications for fossil fuel projects. It is believed
that this trend is partially in response to the financial crisis, which led project sponsors to
reconstruct financing proposals to reflect a greater reliance on Ex-Im Bank financing.
These figures represent direct emissions from identifiable fossil fuel projects.
Additionally, Ex-Im Bank supports a large number of transactions of goods and services
for the fossil fuel sector that are not associated with identifiable projects, for example, oil
and gas drilling and consulting services. Despite the fact that these transactions support
the fossil fuel sector, Ex-Im Bank does not calculate and publish estimates of indirect
emissions associated with these transactions. For example, Ex-Im Bank’s FY 2009
indicates 2.5 billion in financing for foreign energy production and transmission
including electric power generation and oil and gas exploration and refineries, as well as
$1.2 billion for a wide range of services including to oil and gas drilling, training and
consulting. Some of these transactions are not related to fossil fuel projects, however,
Ex-Im Bank’s Annual Reports do not disaggregate this data.
Ex-Im Bank financing for renewable energy is growing, but has consistently been a tiny
sliver compared to its financing for fossil fuel-related transactions. For example, in FY
2008, Ex-Im Bank authorized a record $30.4 million for renewable energy exports, which
is less than 2% of the $1.6 billion in Ex-Im Bank authorizations for fossil fuel projects
that year. If fossil fuel sector support not associated with specific fossil fuel projects is
included, this percentage becomes even smaller.
2000
1800
1600
1400
Financing for
Renewable
Energy
1200
1000
Financing for
identiiable
Fossil Fuel
Projects
800
600
400
200
0
2005 2006 2007 2008
Meanwhile, Ex-Im Bank finances a large number of transactions in support of large
commercial aircraft which emit a very significant amount of greenhouse gasses. For
example, in FY 2008, almost one third of Ex-Im Bank’s total financing portfolio ($5.5
billion out of $14.4 billion total) went to support the export of 97 new U.S.manufactured, large commercial aircraft. We know that international aviation is a
significant source of global carbon emissions -- accounting for 4% of global annual
emissions today, with the possibility that it may rise as high as 15% by 2050 if left
unregulated.