12 U.S.C. § 635i–5 — Environmental policy and procedures
submitted 81 years ago by Pub. L. 102-429 to r/title-12-BANKS-AND-BANKING · 655 words · no verdicts yet
The Bank must consider and disclose specified environmental effects of projects receiving certain support and may withhold financing for environmental reasons. It must encourage support for environmentally beneficial exports, report on these activities, and may not be understood to create a cause of action.
(a) Considering environmental effects. (1) Consistent with section 635(b)(1)(A), the Bank must establish procedures that consider possible beneficial and harmful environmental effects of goods and services for which support is requested under its direct-lending and guarantee programs. The procedures must provide for public disclosure of environmental assessments and supplemental environmental reports required by the Bank, including remediation or mitigation plans and procedures and related monitoring reports. They do not require public disclosure of information described in section 1905 of title 18.
These procedures apply to a transaction involving a project if—(A) the Bank is asked for long-term support of $25,000,000 or more, or, if less, the threshold set by applicable international agreements, including the Common Approaches and the “Equator Principles”; (B) the Bank’s support would be critical to carrying out the project; and (C) the project may significantly affect the global commons or a country not participating in it, or may produce an emission, effluent, or principal product prohibited or strictly regulated by Federal environmental law. This section does not define “global commons,” “emission,” “effluent,” or “principal product.”
(2) The procedures must allow the Board of Directors, in its judgment, to withhold project financing for environmental reasons or approve financing after considering possible environmental effects.
(b) Using Bank programs to encourage certain exports. (1) The Bank must encourage use of its programs to support goods and services that benefit the environment or reduce possible environmental harm. These include products and services for monitoring, reducing, controlling, or preventing air, water, and ground contaminants or pollution; protecting people when handling toxic substances; foreign environmental projects devoted entirely to preventing, controlling, or cleaning up air, water, or ground pollution; facilities for that control or cleanup; and retrofitting facility equipment solely to reduce, control, or prevent environmental harm. The Bank makes the final determination. The Board must name a Bank officer to advise it on supporting these exports. The officer must connect the Bank with other Federal agencies, including agencies represented on the Environmental Trade Promotion Working Group, regarding overall United States environmental policy.
(2) In addition to other available money, up to $35,000,000 may be appropriated to the Bank for the cost of supporting those exports. If that money is not fully used in a fiscal year because there are not enough qualified transactions, it may be spent for other purposes eligible for Bank support.
(c) Annual report. The Bank must summarize its activities under subsections (a) and (b) in its annual congressional report.
(d) Interpretation. Nothing in this section creates a cause of action.
Consistent with the objectives of section 635(b)(1)(A) of this title, the Bank shall establish procedures to take into account the potential beneficial and adverse environmental effects of goods and services for which support is requested under its direct lending and guarantee programs. Such procedures shall provide for the public disclosure of environmental assessments and supplemental environmental reports required to be submitted to the Bank, including remediation or mitigation plans and procedures, and related monitoring reports. The preceding sentence shall not be interpreted to require the public disclosure of any information described in section 1905 of title 18. Such procedures shall apply to any transaction involving a project—
for which long-term support of $25,000,000 (or, if less than $25,000,000, the threshold established pursuant to international agreements, including the Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence, as adopted by the Organisation for Economic Co-operation and Development Council on June 28, 2012, and the risk-management framework adopted by financial institutions for determining, assessing, and managing environmental and social risk in projects (commonly referred to as the “Equator Principles”)) or more is requested from the Bank;
for which the Bank’s support would be critical to its implementation; and
which may have significant environmental effects upon the global commons or any country not participating in the project, or may produce an emission, an effluent, or a principal product that is prohibited or strictly regulated pursuant to Federal environmental law.
The procedures established under paragraph (1) shall permit the Board of Directors, in its judgment, to withhold financing from a project for environmental reasons or to approve financing after considering the potential environmental effects of a project.
The Bank shall encourage the use of its programs to support the export of goods and services that have beneficial effects on the environment or mitigate potential adverse environmental effects (such as exports of products and services used to aid in the monitoring, abatement, control, or prevention of air, water, and ground contaminants or pollution, or which provide protection in the handling of toxic substances, subject to a final determination by the Bank, and products and services for foreign environmental projects dedicated entirely to the prevention, control, or cleanup of air, water, or ground pollution, including facilities to provide for control or cleanup, and used in the retrofitting of facility equipment for the sole purpose of mitigating, controlling, or preventing adverse environmental effects, subject to a final determination by the Bank). The Board of Directors shall name an officer of the Bank to advise the Board on ways that the Bank’s programs can be used to support the export of such goods and services. The officer shall act as liaison between the Bank and other Federal Government agencies, including the agencies whose representatives are members of the Environmental Trade Promotion Working Group of the Trade Promotion Coordinating Committee, with respect to overall United States Government policy on the environment.
In addition to other funds available to support the export of goods and services described in paragraph (1), there are authorized to be appropriated to the Bank not more than $35,000,000 for the cost (as defined in section 661a(5) of title 2) of supporting such exports. If, in any fiscal year, the funds appropriated in accordance with this paragraph are not fully utilized due to insufficient qualified transactions for the export of such goods and services, such funds may be expended for other purposes eligible for support by the Bank.
The Bank shall provide in its annual report to the Congress a summary of its activities under subsections (a) and (b).
Nothing in this section shall be construed to create any cause of action.
Source credit: (July 31, 1945, ch. 341, § 11, formerly § 17, as added and renumbered § 11, Pub. L. 102–429, title I, §§ 106, 121(c)(5), Oct. 21, 1992, 106 Stat. 2189, 2199; amended Pub. L. 103–428, § 2(a), Oct. 31, 1994, 108 Stat. 4376; Pub. L. 109–438, § 18(b), Dec. 20, 2006, 120 Stat. 3281; Pub. L. 114–94, div. E, title LIV, § 54002(d), Dec. 4, 2015, 129 Stat. 1769.)
- 1945Enacted · Pub. L. 102-429 · 106 Stat. 2189, 2199
- 1994Amended · Pub. L. 103-428 · 108 Stat. 4376
- 2006Amended · Pub. L. 109-438 · 120 Stat. 3281
- 2015Amended · Pub. L. 114-94 · 129 Stat. 1769
A history note hasn’t been published yet. The record shows enactment by Pub. L. 102-429 on 1945-07-31.
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