,,ii #aaith ,,congress #ast ,session ,s4 #cabc ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,november #f1 #bjbe,mr4 ,merkley 7for himself and ,mr4 ,sanders7 introduced the following bill2 which was read twice and referred to the ,committee on ,foreign ,relations ,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 activity1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,sustainable ,international ,financial ,institutions ,act of #bjbe4 #b4 ,clean energy and climate justice at international financial institutions ,the ,international ,financial ,institutions ,act 7#bb ,u4,s4,c4 #bfb;c et seq47 is amended by adding at the end the following3 ,,xx ,clean energy and climate justice #bjja4 ,clean energy and climate justice 7a7 ,in general ,the ,united ,states ,executive ,directors at the international financial institutions specified in subsection 7c7 shall use the voice and vote of the ,united ,states in those institutions-- 7#a7 to advance the cause of reducing greenhouse gas emissions and transitioning the global economy to a clean energy economy1 including by seeking to channel assistance toward countries and entities that are building clean and sustainable energy systems2 7#b7 to oppose any policy reform1 investment1 loan1 or extension of financial or technical assistance to any country or entity1 that is intended to create1 or will have the effect of creating1 new capacity for1 or the expansion of1 fossil fuel activity1 including-- 7,a7 any such policy reform1 investment1 loan1 or extension of assistance that would support the refurbishment or life extension of existing fossil fuel capacity2 or 7,b7 any such investment1 loan1 or extension of assistance to a country or entity that would necessitate1 or is predicated upon1 increased fossil fuel capacity outside of the country receiving the investment1 loan1 or extension of assistance or the country in which the entity operates1 as applicable1 without regard to whether the activity falls within the portfolio of the international financial institution providing the investment1 loan1 or extension of assistance2 and 7#c7 to support the phasing out of funding for internal combustion engines for passenger vehicles and buses by #bjbg in a way that is sustainable and sensitive to communities in need of mobility4 7b7 ,reduction of contributions2 deposit in escrow account 7#a7 ,determination of expenditure on new fossil fuel capacity ,in each fiscal year1 the ,secretary of the ,treasury shall-- 7,a7 determine the amount of investments1 loans1 and extensions of financial or technical assistance provided by each international financial institution specified in subsection 7c7 to any country or entity to create new capacity for fossil fuel activity during the preceding fiscal year2 and 7,b7 reduce the contribution of the ,united ,states to that institution by the amount determined under subparagraph 7,a74 7#b7 ,deposit in escrow account ,the ,secretary shall deposit in an escrow account the amount by which the contribution of the ,united ,states to each international financial institution specified in subsection 7c7 is reduced under paragraph 7#a77;,b74 7#c7 ,release from escrow account ,the ,secretary shall release to each international financial institution specified in subsection 7c7 the amount in the escrow account under paragraph 7#b7 attributable to contributions to that institution reduced under paragraph 7#a77;,b7 at such time as the ,secretary determines and certifies to ,congress that the institution is no longer providing investments1 loans1 or extensions of financial or technical assistance to any country or entity to create new capacity for fossil fuel activity4 7#d7 ,reports required ,not later than #abj days after depositing amounts into the escrow account under paragraph 7#b7 attributable to contributions to an international financial institution specified in subsection 7c7 reduced under paragraph 7#a77;,b71 and annually thereafter until amounts are released to that institution under paragraph 7#c71 the ,secretary shall submit to ,congress a report that documents investments1 loans1 and extensions of financial or technical assistance provided by that institution to any country or entity to create new capacity for fossil fuel activity during the preceding fiscal year4 7c7 ,international financial institutions specified ,the international financial institutions specified in this subsection are the following3 7#a7 ,the ,international ,bank for ,reconstruction and ,development4 7#b7 ,the ,international ,development ,association4 7#c7 ,the ,international ,finance ,corporation4 7#d7 ,the ,multilateral ,investment ,guarantee ,agency4 7#e7 ,the ,african ,development ,fund4 7#f7 ,the ,african ,development ,bank4 7#g7 ,the ,asian ,development ,fund4 7#h7 ,the ,asian ,development ,bank4 7#i7 ,the ,european ,bank for ,reconstruction and ,development4 7#aj7 ,the ,inter-,american ,development ,bank4 7#aa7 ,the ,inter-,american ,development ,bank ,invest4 7#ab7 ,the ,north ,american ,development ,bank4 7d7 ,definitions ,in this section3 7#a7 ,fossil fuel activity ,the term fossil fuel activity means the exploration1 development1 mining or production1 processing1 refining1 transportation 7including pipelines transporting gas1 oil1 or products thereof71 combustion1 distribution1 or marketing of1 or the construction or operation of plants for the processing or refining of1 coal1 petroleum1 natural gas1 or any derivative of coal1 petroleum1 or natural gas that is used for fuel4 7#b7 ,fossil fuel 7,a7 ,in general ,the term fossil fuel means all forms of coal1 oil1 and gas4 7,b7 ,inclusions ,the term fossil fuel includes-- 7i7 bitumen from oil sands2 7ii7 kerogen from oil shale2 7iii7 liquids manufactured from coal2 7iv7 coal bed methane2 7v7 methane hydrates2 7vi7 light oil derived from shale or other formations2 7vii7 natural gas liquids2 and 7viii7 all conventionally and unconventionally produced hydrocarbons4 7#c7 ,policy reform ,the term policy reform means a process at an international financial institution that changes rules1 regulations1 or institutions and results in incentivizing fossil fuel investment1 such as by lowering tax liability or increasing energy tariffs4 4 #c4 ,prohibition on foreign assistance that would support fossil fuel activity ,the ,united ,states may not provide1 directly or indirectly 7such as through a financial intermediary71 any loan1 insurance1 guarantee1 or extension of financial or technical assistance1 including policy guidance1 to any country or entity for any fossil fuel activity 7as defined in section #bjja7;d7 of the ,international ,financial ,institutions ,act1 as added by section #b7 or a related infrastructure project1 including through the ,united ,states ,international ,development ,finance ,corporation1 the ,export-,import ,bank of the ,united ,states1 the ,trade and ,development ,agency1 the ,united ,states ,agency for ,international ,development1 or the ,millennium ,challenge ,corporation4