'US Exim Bank succumbed to Rel Power'

Environmentalist groups have charged the US Export Import Bank of succumbing to intense lobbying after the bank early this month approved USD 600 million in loan guarantees to suppliers for Reliance Power's 3,960 MW coal-fired project in Sasan, Madhya Pradesh.

The joint statement from Friends of the Earth, Pacific Environment, Oil Change International and Groundwork on Tuesday precedes the Exim Bank Board meeting, scheduled on Wednesday where it would formally reverse its' last month decision to reject the financing of Reliance's Sasan power project on environmental grounds.

The reversal of the Sasan decision would set a dangerous precedent for other coal projects in the Exim Bank pipeline, including the 4,800 megawatt Kusile coal power project in South Africa, which would emit 30.5 million tonnes of carbon dioxide annually, read the joint statement.

Over 95 percent of Exim's energy portfolio is already based on fossil fuels, and a series of politically-motivated decisions to fund high-carbon projects would put Exim even further out of step with the Administration's pledges to promote clean energy jobs and tackle climate change, it read.

Three weeks ago, the Exim board had rejected financing for Sasan based on its massive carbon dioxide emissions. The project would annually generate some 26-27 thousand tonnes of CO2, more than the Exim bank's annual emissions for all fossil fuel projects approved by it in 2009.

http://in.news.yahoo.com/48/20100714/1238/tbs-us-exim-bank-succumbed-to-rel-power_1.html


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