U.S. financing agencies reaches settlement in global warming lawsuit

A lawsuit filed by Friends of the Earth, Greenpeace and the city of Boulder, Colo. Santa Monica and California cities Arcata and Oakland in 2002 against The Export-Import Bank of the United States (Ex-Im) and the Overseas Private Investment Corp. (OPIC) was finally settled.

The environmentalists claimed  that fossil fuel projects financed by loans from the Ex-Im and OPIC produced emissions equivalent to nearly 8% of the world’s annual carbon dioxide emissions.

This led to global warming which in turn is the major reason for the climate changes in popular tourist spot Santa Monica and rise in sea level in Los Angeles area.

Although the Bush government  pressed on the fact that the allegations were mostly based on assumptions, a federal judge rejected their arguments and commanded the two parties to settle the matter.

The financing agencies agreed  to provide a combined $500 million for renewable energy projects and take into account greenhouse gas emissions associated with projects each company supports.

Source:Santa Monica Daily Press

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