Combating Global Poverty Through Energy Development Act
Bill: S.758 | Sponsor: Sen. Barrasso, John (R-WY)
Policy area: International Affairs

Summary:
Combating Global Poverty Through Energy Development Act
This bill supports the elimination of restrictions that limit support for certain energy projects at specified international financial institutions.
Specifically, the bill requires the Department of the Treasury to instruct the U.S. executive directors of certain financial institutions (e.g., the International Finance Corporation, the International Monetary Fund, and the Inter-American Development Bank) to (1) oppose any restriction or prohibition on the financing of coal, oil, natural gas, or civil nuclear energy projects; and (2) seek to rescind current restrictions or prohibitions on this financing.
Further, not more than 50% of amounts made available for the International Bank for Reconstruction and Development may be used until Treasury certifies that the bank (1) has rescinded any restrictions or prohibitions on the financing of coal, oil, natural gas, or civil nuclear energy projects; and (2) has in effect a policy promoting the financing of these projects.
Treasury must coordinate with designated agencies to identify steps the United States can take to promote international financing of these energy projects in order to help developing countries access affordable and reliable power.

To support financing of affordable and reliable energy projects by 
     international financial institutions, and for other purposes.

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

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Combating Global Poverty Through 
Energy Development Act''.

SEC. 2. OPPOSITION TO RESTRICTIONS BY INTERNATIONAL FINANCIAL 
              INSTITUTIONS ON FINANCING OF CERTAIN ENERGY PROJECTS.

    (a) In General.--The Secretary shall instruct the United States 
Executive Director of each covered international financial institution 
to use the voice, vote, and influence of the United States--
            (1) to oppose any rule, regulation, policy, or guideline 
        that would restrict, prohibit, or have the effect of 
        restricting or prohibiting, the financing of coal, oil, natural 
        gas, or civil nuclear energy projects; and
            (2) to rescind each rule, regulation, policy, or guideline 
        that, as of the date of the enactment of this Act, restricts or 
        prohibits such financing.
    (b) Reversal of Policies at International Bank for Reconstruction 
and Development.--The Secretary shall instruct the United States 
Executive Director of the International Bank for Reconstruction and 
Development to immediately and vigorously pursue policy changes at the 
Bank, through formal initiatives and through bilateral discussions, 
that will result in the reversal of the Bank's--
            (1) restrictions on financing coal power generation;
            (2) prohibitions on financing upstream oil and gas 
        exploration and production; and
            (3) prohibition on financing of civil nuclear energy 
        projects.
    (c) Limitation on Funds for International Bank for Reconstruction 
and Development.--Not more than 50 percent of amounts made available 
for the International Bank for Reconstruction and Development for 
fiscal year 2021 or any fiscal year thereafter may be obligated or 
expended until the Secretary certifies to the appropriate congressional 
committees that the Bank--
            (1) has rescinded any rule, regulation, policy, or 
        guideline that restricts or prohibits, or would have the effect 
        of restricting or prohibiting, the financing of any coal, oil, 
        natural gas, or civil nuclear energy project; and
            (2) has in effect a policy promoting the financing of coal, 
        oil, natural gas, and civil nuclear energy projects.
    (d) Promotion of Financing of Energy Projects.--The Secretary, in 
collaboration with the Secretary of State, the Secretary of Energy, the 
President of the Export-Import Bank of the United States, the Chief 
Executive Officer of the United States International Development 
Finance Corporation, and the heads of other appropriate Federal 
agencies, shall identify steps the United States can take to promote 
international financing of energy projects, including coal, oil, and 
natural gas projects, in order to help developing countries access 
affordable and reliable power.
    (e) Report Required.--Not later than 180 days after the date of the 
enactment of this Act, and annually thereafter, the Secretary shall 
submit to the appropriate congressional committees a report that 
includes the following:
            (1) A list of all of the rules, regulations, policies, or 
        guidelines of each covered international financial institution 
        that would restrict, prohibit, or have the effect of 
        restricting or prohibiting, the financing of coal, oil, natural 
        gas, or civil nuclear energy projects.
            (2) A detailed description of the efforts of the United 
        States Executive Director of each such institution to eliminate 
        those rules, regulations, policies, or guidelines.
            (3) A description of the steps identified under subsection 
        (d) and progress made in implementing those steps.
    (f) Definitions.--In this section:
            (1) Appropriate congressional committees.--The term 
        ``appropriate congressional committees'' means the Committee on 
        Foreign Relations of the Senate and the Committee on Foreign 
        Affairs of the House of Representatives.
            (2) Covered international financial institution.--The term 
        ``covered international financial institution'' means any of 
        the following:
                    (A) The International Bank for Reconstruction and 
                Development.
                    (B) The International Development Association.
                    (C) The International Finance Corporation.
                    (D) The International Monetary Fund.
                    (E) The Inter-American Development Bank.
                    (F) The Inter-American Investment Corporation.
                    (G) The North American Development Bank.
                    (H) The European Bank for Reconstruction and 
                Development.
                    (I) The African Development Bank.
                    (J) The African Development Fund.
                    (K) The Asian Development Bank.
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
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