I 

118TH CONGRESS 

2D SESSION H. R. 10341 

To require the use of the voice and vote of the United States in international 

financial institutions to advance the cause of transitioning the global 

economy to a clean energy economy and to prohibit United States Government assistance to countries or entities to support fossil fuel activity, 

and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

DECEMBER 10, 2024 

Mr. HUFFMAN (for himself, Ms. NORTON, Ms. ESCOBAR, Mr. LEVIN, Mr. GRIJALVA, Mr. BLUMENAUER, Ms. LOFGREN, Ms. BARRAGA ́N, and Ms. MATSUI) introduced the following bill; which was referred to the Committee 

on Financial Services, and in addition to the Committee on Foreign Affairs, for a period to be subsequently determined by the Speaker, in each 

case for consideration of such provisions as fall within the jurisdiction of 

the committee concerned 

A BILL 

To require the use of the voice and vote of the United 

States in international financial institutions to advance 

the cause of transitioning the global economy to a clean 

energy economy and to prohibit United States Government assistance to countries or entities to support fossil 

fuel activity, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Sustainable Inter3 national Financial Institutions Act of 2024’’. 

4 SEC. 2. CLEAN ENERGY AND CLIMATE JUSTICE AT INTER5 NATIONAL FINANCIAL INSTITUTIONS. 

6 The International Financial Institutions Act (22 

7 U.S.C. 262c et seq.) is amended by adding at the end the 

8 following: 

9 ‘‘TITLE XX—CLEAN ENERGY AND 

10 CLIMATE JUSTICE 

11 ‘‘SEC. 2001. CLEAN ENERGY AND CLIMATE JUSTICE. 

12 ‘‘(a) IN GENERAL.—The United States Executive Di13 rectors at the international financial institutions specified 

14 in subsection (c) shall use the voice and vote of the United 

15 States in those institutions— 

16 ‘‘(1) to advance the cause of reducing green17 house gas emissions and transitioning the global 

18 economy to a clean energy economy, including by 

19 seeking to channel assistance toward countries and 

20 entities that are building clean and sustainable en21 ergy systems; 

22 ‘‘(2) to oppose any policy reform, or investment, 

23 loan, or extension of financial or technical assistance 

24 to any country or entity, that is intended to create, 

25 or will have the effect of creating, new capacity for, 

26 or the expansion of, fossil fuel activity, including— 


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1 ‘‘(A) any such policy reform, investment, 

2 loan, or extension of assistance that would sup3 port the refurbishment or life extension of exist4 ing fossil fuel capacity; or 

5 ‘‘(B) any such investment, loan, or exten6 sion of assistance to a country or entity that 

7 would necessitate, or is predicated upon, in8 creased fossil fuel capacity outside of the coun9 try receiving the investment, loan, or extension 

10 of assistance or the country in which the entity 

11 operates, as applicable, without regard whether 

12 the activity falls within the portfolio of the 

13 international financial institution providing the 

14 investment, loan, or extension of assistance; and 

15 ‘‘(3) to support the phasing out of funding for 

16 internal combustion engines for passenger vehicles 

17 and buses by 2030 in a way that is sustainable and 

18 sensitive to communities in need of mobility. 

19 ‘‘(b) REDUCTION OF CONTRIBUTIONS; DEPOSIT IN

20 ESCROW ACCOUNT.— 

21 ‘‘(1) DETERMINATION OF EXPENDITURE ON

22 NEW FOSSIL FUEL CAPACITY.—In each fiscal year, 

23 the Secretary of the Treasury shall— 

24 ‘‘(A) determine the amount of investments, 

25 loans, and extensions of financial or technical 


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1 assistance provided by each international finan2 cial institution specified in subsection (c) to any 

3 country or entity to create new capacity for fos4 sil fuel activity during the preceding fiscal year; 

5 and 

6 ‘‘(B) reduce the contribution of the United 

7 States to that institution by the amount deter8 mined under subparagraph (A). 

9 ‘‘(2) DEPOSIT IN ESCROW ACCOUNT.—The Sec10 retary shall deposit in an escrow account the amount 

11 by which the contribution of the United States to 

12 each international financial institution specified in 

13 subsection (c) is reduced under paragraph (1)(B). 

14 ‘‘(3) RELEASE FROM ESCROW ACCOUNT.—The 

15 Secretary shall release to each international financial 

16 institution specified in subsection (c) the amount in 

17 the escrow account under paragraph (2) attributable 

18 to contributions to that institution reduced under 

19 paragraph (1)(B) at such time as the Secretary de20 termines and certifies to Congress that the institu21 tion is no longer providing investments, loans, or ex22 tensions of financial or technical assistance to any 

23 country or entity to create new capacity for fossil 

24 fuel activity. 


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1 ‘‘(4) REPORTS REQUIRED.—Not later than 120 

2 days after depositing amounts into the escrow ac3 count under paragraph (2) attributable to contribu4 tions to an international financial institution speci5 fied in subsection (c) reduced under paragraph 

6 (1)(B), and annually thereafter until amounts are 

7 released to that institution under paragraph (3), the 

8 Secretary shall submit to Congress a report that 

9 documents investments, loans, and extensions of fi10 nancial or technical assistance provided by that in11 stitution to any country or entity to create new ca12 pacity for fossil fuel activity during the preceding 

13 fiscal year. 

14 ‘‘(c) INTERNATIONAL FINANCIAL INSTITUTIONS

15 SPECIFIED.—The international financial institutions spec16 ified in this subsection are the following: 

17 ‘‘(1) The International Bank for Reconstruction 

18 and Development. 

19 ‘‘(2) The International Development Associa20 tion. 

21 ‘‘(3) The International Finance Corporation. 

22 ‘‘(4) The Multilateral Investment Guarantee 

23 Agency. 

24 ‘‘(5) The African Development Fund. 

25 ‘‘(6) The African Development Bank. 


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1 ‘‘(7) The Asian Development Fund. 

2 ‘‘(8) The Asian Development Bank. 

3 ‘‘(9) The European Bank for Reconstruction 

4 and Development. 

5 ‘‘(10) The Inter-American Development Bank. 

6 ‘‘(11) The Inter-American Development Bank 

7 Invest. 

8 ‘‘(12) The North American Development Bank. 

9 ‘‘(d) DEFINITIONS.—In this section: 

10 ‘‘(1) FOSSIL FUEL ACTIVITY.—The term ‘fossil 

11 fuel activity’ means the exploration, development, 

12 mining or production, processing, refining, transpor13 tation (including pipelines transporting gas, oil, or 

14 products thereof), combustion, distribution, or mar15 keting of, or the construction or operation of plants 

16 for the processing or refining of, coal, petroleum, 

17 natural gas, or any derivative of coal, petroleum, or 

18 natural gas that is used for fuel. 

19 ‘‘(2) FOSSIL FUEL.— 

20 ‘‘(A) IN GENERAL.—The term ‘fossil fuel’ 

21 means all forms of coal, oil, and gas. 

22 ‘‘(B) INCLUSIONS.—The term ‘fossil fuel’ 

23 includes— 

24 ‘‘(i) bitumen from oil sands; 

25 ‘‘(ii) kerogen from oil shale; 


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1 ‘‘(iii) liquids manufactured from coal; 

2 ‘‘(iv) coal bed methane; 

3 ‘‘(v) methane hydrates; 

4 ‘‘(vi) light oil derived from shale or 

5 other formations; 

6 ‘‘(vii) natural gas liquids; and 

7 ‘‘(viii) all conventionally and uncon8 ventionally produced hydrocarbons. 

9 ‘‘(3) POLICY REFORM.—The term ‘policy re10 form’ means a process at an international financial 

11 institution that changes rules, regulations, or insti12 tutions and results in incentivizing fossil fuel invest13 ment, such as by lowering tax liability or increasing 

14 energy tariffs.’’. 

15 SEC. 3. PROHIBITION ON FOREIGN ASSISTANCE THAT 

16 WOULD SUPPORT FOSSIL FUEL ACTIVITY. 

17 The United States may not provide, directly or indi18 rectly (such as through a financial intermediary), any 

19 loan, insurance, guarantee, or extension of financial or 

20 technical assistance, including policy guidance, to any 

21 country or entity for any fossil fuel activity (as defined 

22 in section 2001(d) of the International Financial Institu23 tions Act, as added by section 2) or a related infrastruc24 ture project, including through the United States Inter25 national Development Finance Corporation, the ExportVerDate Sep 11 2014 18:48 Jan 09, 2025 Jkt 059200 PO 00000 Frm 00007 Fmt 6652 Sfmt 6201 E:\BILLS\H10341.IH H10341

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1 Import Bank of the United States, the Trade and Devel2 opment Agency, the United States Agency for Inter3 national Development, or the Millennium Challenge Cor4 poration. 

Æ 


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