July 31, 2014
SAN FRANCISCO (AP) - The federal government has settled a lawsuit that accused two U.S. agencies of financing and insuring projects overseas that may contribute to global warming.
The lawsuit was originally filed in 2002 against the Export-Import Bank of the United States and the Overseas Private Investment Corp. by two environmental groups and four cities.
The plaintiffs alleged the two agencies provided more than $32 billion in projects without studying their impact on climate change and the U.S. environment as required by federal law.
Under the settlement filed in San Francisco on Friday, the two agencies will increase financing for renewable energy and make efforts to consider or reduce greenhouse gas emissions associated with projects they finance or support.
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