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Obama Quietly Undercutting Climate Legacy With Foreign Fossil Fuel Investments: Investigation


#1

Obama Quietly Undercutting Climate Legacy With Foreign Fossil Fuel Investments: Investigation

Andrea Germanos, staff writer

President Barack Obama's climate credentials are being undermined by a federal agency in his administration that is putting billions of taxpayer dollars into foreign fossil fuel projects.

So finds a Columbia School of Journalism and Guardian investigation published Wednesday which looks at the U.S. Export-Import Bank, or Ex-Im Bank, which is tasked with promoting U.S. exports.


#2

Obama has climate credentials?!


#3

No, probably just unlimited credit from the Oilagarchy for doing such a "good" job.
* Wow, get rid of a thief and replace him with a Nazi. Wotta deal!
;-})


#4

Muthaf...!


#5

... virtually literally in terms of Mother Earth.


#6

HOPE plus two bucks buys a cup of coffee and with any luck you still have CHANGE left at the end of the month when all the bills are paid.

Three bucks for that coffee in the high rent areas where Obama fans live.


#7

Obama, the "Great Black Hype" and Progressive fraud, has no credentials except for being a tool of the 1%, exploitation and environmental despoliation.......Mickey Fickey!


#9

Choking smoke and mirrors


#10

I supported Bernie in the primary 100%. Today he is the only one speaking out against what is happening at Standing Rock North Dakota. President Obama turns a blind eye as heavily armed militia crack the heads of peaceful water protectors.

What an enormous corporate-funded, colossal disappointment Obama has been. Trump is unqualified, but at least we can all unite and fight him. Obama sold us out with pretty words and was a corporate tool all the way through his administration. Obama led us to believe he was on our side. As someone on the left, I supported him because, hey, he was our guy. That makes the betrayal all the more painful. Trump is scary, but some pretty horrible things have been happening while Obama has been in the White House.


#11

I, too, have heard only Bernie speak on behalf of the Standing Rock peaceful protesters. If Elizabeth Warren and others in the Congress have issued statements, I have not heard them, which makes one question the motives of the so-called Progressives.


#12

Yes, I have heard about Bernie also but no others.


#13

I just read in another article that Tulsi Gabbard will join the protesters this weekend, which is good news.


#14

Obama nor any other government official needs climate credentials. People in official positions aren't expected to investigate climate change. That's a job of scientists who specialize in climate sciences. Officials can and do show what they support or don't support. This article seems to make clear that the President -- Obama -- is on both sides of the issue of climate change, that he's a fake, so far is the well-being of human society is concerned. Perhaps even he is afraid of the Great and Powerful. The White House has been broken into twice, potentially endangering his family. Have any Secret Service Officers been punished? I suspect not.


#15

Without the Ex-Im Bank, GE and Boeing will be VERY unhappy. The idea of promoting natural gas projects-- which are principally "coal replacement" projects-- is probably a net benefit over our current situation. I wish the article had been more explicit about the "foreign" projects... but the Ex-Im Bank really helps "us" with balance-of-payment issues, by making some big-ticket exports possible.
Obama is no "fraud". He has worked to get something going, despite a Congress with "millstones" like McConnell, who fights every effort to reduce coal consumption (and uses all those wonderfully arcane Senate "procedures" to do so). The Republicans are all about "status quo" and "global warming denial"... and it has become necessary for States to act against fossil fuel and energy corporations to get some actual changes to our current ways of doing business. Even when there are gains- such as the rapid increase in solar generation in Nevada, (thanks to "incentive" programs) along comes Warren Buffett- who owns the Nevada grid supplier (and apparently the Nevada legislature, as well) - and kills the PV generation subsidies, because they cut into his profits! So they keep getting coal-fired power, from coal hauled on Warren's BNSF railroad, and "that's good business" in Republican "free-market/private sector" thinking.
Diss whom you please... but mauybe keep up with the stuff that isn't included in your daily dose of AM Hate-speech radio... brought to you by an endowment from the heirs of the John Birch Society. ^..^


#16

The much ballyhooed recent reduction in CO2 emissions in the US is largely due to (1) the economic downturn, and (2) shifting GHG emissions that were once generated by in the US to other countries through schemes like the Ex-Im Bank investments.


#17

An additional source report on Obama's continuing pattern of betrayals serving wealth and power..........


#18

Well, if renewable energy tax credits are reduced and CAFE standards are halfed, we can give thanks for the real conservatism we are getting from Republicans. I also want to point this paragraph out from the Guardian article quoted in this diary:

"Since 2014, the bank has made an effort to become more climate-conscious. Indeed, the vast majority of the bank’s fossil fuel financing took place before December 2013, when it adopted the president’s climate action plan and announced its intention to stop financing coal in all but the poorest countries."

It's clear in reading the article, that the rise in insuring products/projects was due to the Great Recession, a backdoor and indirect form of fiscal stimulus. There's not a lot of detail on the projects though. What if, for example, some of the projects were about installing new, cleaner, more efficient equipment in existing or new plants that were already in the till for construction? Or adding scrubbers in smoke stacks? Natural gas investment wasn't a secret so I am not going to knock the president for that. I'd rather invest in it than coal any day.


#19

As per usual Obama slithers the talk. The worst President in history who has been the smooth talking deceiver right from the beginning and right up until the end. The fake, the phony, the Uncle Tom of the corporations. The man is vile.


#20

Most "natural gas" investment is in fracking for shale gas. Fracking gas releases huge amounts of methane through ground surface seepage that are not included in measured greenhouse effects. Quite aside from its unsustainable use and poisoning of ground water.


#21

So open pit mine coal and burn it, right? Reality versus magical progressive the-world-should-be-this-way thought. There is a strong and powerful constituency that wants to double down on fossil fuel usage. They opposed the provisions in the stimulus package for increased CAFE standards, renewable energy tax credits, and funding government buildings to be "greened." I worked in a government office in 2010 that installed solar panels on the roof as part of the funding for that last program. Of course, the left didn't support those efforts--they weren't perfect enough--and the Republicans took the House, decimating that funding. I'm using a bit of hyperbole on that last note, but please account for those interests that oppose any and all efforts to do anything about global warming. Pretending Obama could just work magic, just like he could magically make a public option much less single payer happen when Senator Lieberman threatened to join a Republican filibuster of the healthcare bill, is, well, magical thinking.