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Code · BILL · 117th Congress · S. 1201 (Introduced in Senate) — To restore the United States international leadership on climate change and clean energy, and for other purposes. · Sec. 305

Sec. 305. Consistency in United States policy on development finance and climate change

272 words·~1 min read·/bill/117/s/1201/is/section-305

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It is the sense of Congress that the strength and credibility of United States climate policy is undermined when there is a lack of consistency between the policies and practices implemented at the United States International Development Finance Corporation and the policies and practices the Corporation promotes at the international financial institutions. The Secretary of the Treasury shall instruct the United States executive director of each international financial institution to use the voice and vote of the United States to advocate for enhancing transparency by providing sufficient and adequate information to facilitate independent verification of the climate finance reporting of the institution.
The Secretary of the Treasury shall instruct the United States executive director of each international financial institution to use the voice and vote of the United States— to challenge policy-based loans or lending through financial intermediaries that directly or indirectly supports fossil fuels; and to seek to ensure that all loans, grants, policies, and strategies of the institution are aligned with the objectives of the Paris Agreement. Section 1451 of the Better Utilization of Investments Leading to Development Act of 2018 ( 22 U.S.C. 9671 ), as amended by section 304, is further amended by adding at the end the following:
The Corporation may not adopt any environmental or social policy that provides less protection for communities and the environment than the level of protection required under title XIII of the International Financial Institutions Act ( 22 U.S.C. 262m et seq.). . In this section, the term international financial institution has the meaning given that term in section 1701(c) of the International Financial Institutions Act ( 22 U.S.C. 262r(c) ).
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Sec. 305
Consistency in United States policy on development finance and climate change
U.S.C.§ 9671
U.S.C.§ 262m
U.S.C.§ 262r
Cites 3Cited by 0 across 0 sources
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