Wired PR News.com
An environmental lawsuit against the federal government in 2002 has been settled. As reported by the Associated Press (AP), the suit alleged that two U.S. agencies financed projects oversees that would cause environmental and economic harm due to a change in the global climate.
As part of the settlement, the Export-Import Bank of the U.S. and the Overseas Private Investment Corp. will reportedly provide financing for renewable energy projects to the tune of $500 million, and consider the amount of greenhouse gas emissions equated with further projects they assist with. Michelle Chan of Friends of the Earth, one of the organizations that brought forth the lawsuit, is quoted in the AP report as stating, “This settlement is a substantial victory for our climate… It will force federal agencies to move away from fossil fuel projects and account for the climate impacts of their lending.”