A last-minute push by the U.S. and other countries to end public financing of overseas fossil fuel projects is at risk of failing.
The deal, which aims to restrict government money from going to oil and gas projects internationally, has been the subject of closed-door negotiations among a bloc of nations in the Organisation for Economic Co-operation and Development over the past few weeks. Biden administration officials acknowledged Sunday for the first time that the talks are at an impasse.
“While negotiations are ongoing, the likelihood of a deal that explicitly restricts fossil fuel project funding now appears to be remote,” a senior administration official said on a call with reporters Sunday.
South Korea and Turkey are the main countries blocking the agreement, according to several green groups that follow the talks. South Korea is a leading source of financing for fossil fuel projects in other countries.
