Sec. 304. Clean energy and the United States International Development Finance Corporation
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Section 1451 of the Better Utilization of Investments Leading to Development Act of 2018 ( 22 U.S.C. 9671 ) is amended by adding at the end the following: Not later than 180 days after the date of the enactment of this subsection, the Chief Executive Officer of the Corporation shall submit to the appropriate congressional committees a report— highlighting the substantial commitment of the Corporation to invest in renewable and other clean energy technologies; setting forth— a plan to significantly reduce greenhouse gas emissions associated with projects and subprojects within the Corporation's portfolio, as required by paragraph (2); and a plan for facilitating the transition in key global markets from electricity generated from fossil fuel power to clean, low-cost renewable energy sources, in a manner that is equitable for workers and communities, as required by paragraph (3); and detailing the efforts of the Corporation to reduce all greenhouse gas emissions associated with projects and subprojects within the Corporation’s portfolio, including a full accounting of the reductions, achieved in accordance with the plan described in paragraph (2).
Not later than one year after the date of the enactment of this subsection, the Corporation shall submit to the appropriate congressional committees a climate change mitigation plan to reduce greenhouse gas emissions associated with projects and subprojects within the Corporation’s portfolio by, relative to October 1, 2020— not less than 60 percent by 2025; and 100 percent by 2028. The Corporation shall begin implementation of the plan required by subparagraph
(A)not later than 20 days after submitting the plan to the appropriate congressional committees. Not later than one year after the date on which the Corporation begins implementation under subparagraph
(B)of the plan required by subparagraph (A), and every 2 years thereafter until the Corporation achieves the goal of reducing greenhouse gas emissions associated with projects and subprojects within the Corporation’s portfolio by 100 percent, the Corporation shall submit a report to the appropriate congressional committees on the Corporation’s progress and efforts to achieve the greenhouse gas emissions reductions goals of the plan. The Corporation shall seek, in providing support for projects under title II, to facilitate the transition in key global markets from electricity generated from fossil fuel power to clean, low-cost renewable energy sources, in a manner that is equitable for workers and communities, by— enabling the phase-out of uneconomic coal-fired power plants that are shielded from competition from renewable energy sources by noncompetitive market structures such as long-term contracts and regulated tariffs; using low-cost capital— to refinance existing debt on uneconomic coal-fired power plants; to reinvest in renewable energy sources to replace such plants; to support a just transition to renewable energy for affected workers and communities by generating decent jobs that adhere to international labor standards all along the renewable energy supply chain; and to support the upgrading of jobs and skills as well as job creation and improved productivity in more labor-intensive industries that offer employment opportunities on a wide scale; and considering— competitive approaches, like reverse auctions, to ensure the best value in investing in renewable energy sources; and partnering, as appropriate, with— the United States Agency for International Development; and the Department of the Treasury with respect to efforts by multilateral development banks (as defined in section 1701(c) of the International Financial Institutions Act ( 22 U.S.C. 262r(c) )). . Section 7079(b) of the Consolidated Appropriations Act, 2010 ( Public Law 111–117 ; 123 Stat. 3396) is amended by striking comment: and all that follows and inserting comment. .
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- Pub. L. 111-117
- 123 Stat. 3396
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Sec. 304
Clean energy and the United States International Development Finance Corporation
Pub. L.Pub. L. 111-117
Stat.123 Stat. 3396
Cites 4Cited by 0 across 0 sources