Export Import Bank of the U.S. Director Owen Herrnstadt Touts Record Level Investment in Clean Energy Projects Supporting U.S. Jobs at COP29 in Azerbaijan

Baku, Azerbaijan - Last week, Export-Import Bank of the United States (EXIM) Board Member Owen Herrnstadt travelled to the 2024 U.N. Climate Change Conference (COP29) in Baku, Azerbaijan to highlight EXIM's record-level clean energy investments, discuss EXIM's climate financing opportunities with international government and business leaders and share how EXIM's efforts in clean energy support U.S. jobs.

Throughout COP29, Director Herrnstadt participated in high-level discussions with global leaders and advanced several key EXIM priorities. Director Herrnstadt touted that EXIM more than doubled its investments in clean energy and other environmentally beneficial exports - growing from $1.1 billion in FY23 to a record $2.3 billion in FY24. In total, EXIM authorized $8.4 billion in deals in FY24, supporting approximately 38,000 jobs across the U.S.

On Wednesday, November 13, Director Herrnstadt met with the President of Bulgaria, Rumen Radev and Bulgaria Minister of Energy Vladamir Malinov to discuss EXIM financing for the Kozloduy Nuclear Power Plant, which EXIM has supported since 2000.

On Thursday, Director Herrnstadt delivered opening remarks at the U.S. Center for a session entitled, "U.S. Industry Climate Solutions for Global Partners," which was organized by Department of Commerce, International Trade Administration, U.S. Trade and Development Agency and EXIM. Director Herrnstadt highlighted how EXIM supports renewable and clean energy projects and U.S. jobs through its Environmentally Beneficial Exports Program, flagship Make More in America Initiative and China and Transformational Export Program.

Later, Director Herrnstadt joined a panel discussion hosted by the U.N.'s Environment Program and Finance Initiative (ENEP FI) and the International Labour Organization (ILO) entitled, "Mobilizing Financial Sector Support for a Just Transition." During this discussion, Director Herrnstadt emphasized the critical importance of supporting workers in a just transition. He explained that EXIM's mandate to support U.S. jobs becomes even more critical as industries and services adopt new technologies, such as robotics and AI. He also underscored that a just transition includes adherence to internationally recognized labor standards.

Director Herrnstadt continued the conversation about EXIM's role in the low-carbon energy transition during a roundtable entitled, "Financing the Low-Carbon Energy Transition in Asia and the Pacific," alongside IAEA officials and energy and finance ministers from across Asia Pacific. During this roundtable, Director Herrnstadt shared EXIM's recent authorization of nearly $100 million for a small modular reactor power project in Romania under our Engineering Multiplier Program. He also noted that the Asia Pacific region held immense significance as an export market for growing U.S. exporters and creating good jobs for U.S. workers.

Director Herrnstadt concluded the COP29 trip by joining a panel hosted by the Atlantic Council and the American Chamber of Commerce in Brazil (AmCham Brazil). Director Herrnstadt was joined by Anna Shnitsberg, Chief Climate Officer of the U.S. Development Finance Corporation, and others to discuss the importance of energy security for a cleaner and more secure world. He also highlighted how EXIM has authorized over $200 million and over 130 transactions in Brazil, supporting U.S. jobs over the past two years.

ABOUT EXIM:

The Export-Import Bank of the United States (EXIM) is the nation's official export credit agency with the mission of supporting American jobs by facilitating U.S. exports. To advance American competitiveness and assist U.S. businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to U.S. economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States. Learn more at www.exim.gov.