Finance
In a shift, Biden to bar most fossil fuel financing overseas
President Joe Biden is poised to back restrictions on international funding for oil and gas projects in a move that could free up billions of dollars for clean energy and crystallize his climate legacy.
It marks a shift from the United States’ approach over the past three years. Biden joined a group of wealthy nations in 2021 to restrict financing of coal-fired power plants in other countries but hasn’t support efforts to expand those restrictions to other fossil fuels.
Now, his administration and those of a handful of other rich countries are expected to call for curtailing public financing for oil and gas projects internationally at a virtual meeting Tuesday of the Organisation for Economic Co-operation and Development — a group of 38 countries that collaborate on issues of trade and finance — according to three people who are familiar with the administration’s plans.
“It will have a huge impact and, I think, really leave a strong climate legacy for the Biden administration,” said Kate DeAngelis, deputy director of international finance at Friends of the Earth.
The U.S. is expected to back a so-called emission threshold that would prevent the U.S. Export-Import Bank and other publicly funded export credit agencies from financing carbon-intensive energy projects. That would be in line with interim guidance by the Biden administration to end international fossil fuel financing that was never made public but was viewed by analysts at the Natural Resources Defense Council.
It’s likely the last chance the administration would have to push for an agreement at the OECD. President-elect Donald Trump, who has attacked climate science and promised to drill for more oil at home, is unlikely to support ending fossil fuel investments abroad when he takes office in January.
The move comes amid pressure by climate activists to deliver on a promise Biden made when he took office in 2021 to end overseas financing of all carbon-intensive fossil fuel projects. The U.S. joined dozens of other countries later that year at climate talks in Glasgow, Scotland, in agreeing to stop funding international fossil fuel projects before 2023. Reaching an agreement now, they say, would put rules in place that are tough to unwind, forcing the incoming Trump administration to comply with the deal or pull out of it.
A spokesperson from the Trump transition didn’t respond to a question about how the administration would treat such an agreement but said voters elected Trump based in part on promises he made while campaigning to lower energy costs for consumers.
“When he takes office, President Trump will make America energy dominant again, protect our energy jobs, and bring down the cost of living for working families,” spokesperson Karoline Leavitt said in an email.
Jake Schmidt, senior director for international climate at NRDC, thinks the Biden administration would have supported the agreement if Vice President Kamala Harris had won the election. But Trump’s victory might be pushing the administration to act more quickly.
“They clearly realized the end of the year is fast approaching and their ability to secure a climate win is rapidly winding down,” he said.
‘Finish the job’
The meeting will center on an export credit agency agreement among the European Union and 10 other wealthy nations: Australia, Canada, Japan, South Korea, New Zealand, Norway, Switzerland, Turkey, the United Kingdom and the United States.
It follows a 2021 deal by the U.S. and other rich countries in the Organisation for Economic Co-operation and Development to end public investments in coal power projects that don’t capture and store their emissions.
Earlier this year, the European Union proposed to extend the coal prohibition to cover oil and gas, except in limited circumstances that align with the Paris climate agreement, which aims to limit global temperature rise to 1.5 degrees Celsius.
The idea has earned the support of Canada, Norway and the United Kingdom, among others, but the U.S. has so far not backed it publicly or offered an alternative. That will change Tuesday, when the U.S. is expected to support a separate plan for establishing emission thresholds.
Export credit agencies currently offer billions of dollars in financing for fossil fuel projects, prompting pressure from climate activists who are calling on Biden to fulfill his earlier pledges.
But the U.S. Export-Import Bank has continued to approve financing for fossil fuel projects internationally despite a Biden executive order that instructed federal agencies to end such support.
That matters because although the Treasury Department represents the U.S. in OECD negotiations, the Ex-Im Bank would need to implement any decision reached under it. The Ex-Im Bank has previously said that its charter prevents it from discriminating against specific industries such as oil and gas.
Schmidt of NRDC said an emissions threshold could be seen as a “cleaner and clearer” way to set restrictions than the EU proposal, which could allow for more loopholes if countries don’t explicitly define what types of projects are compatible with the 1.5 C limit.
One remaining challenge, however, will be getting South Korea to join the agreement, particularly amid the political turmoil gripping the nation following a failed effort by President Yoon Suk Yeol to establish martial law. Agreements made at the OECD must be done by consensus.
Last month, three Democratic senators sent a letter to Treasury Secretary Janet Yellen and National Security Adviser Jake Sullivan urging them to use the Tuesday meeting “to fulfill a key and durable promise on international energy finance.”
“Having the senators weighing in was an important reminder that the White House needs to finish the job,” said Schmidt.
Finance
Houston budget amendment would give financial assistance to help those impacted by a trash fee
HOUSTON, Texas (KTRK) — Houston City Council could soon consider whether to offer financial assistance to help those who may struggle to afford a proposed trash fee.
This month, council will approve a budget. In it, Mayor John Whitmire doesn’t increase taxes.
However, he does want to charge a $5 monthly fee to cover trash services. A plan to help close the city’s nearly $200 million deficit that doesn’t add up to some.
Speaking in front of council on Wednesday, Super Neighborhood 64 president Lindsay Williams brought more than concerns, she had numbers surrounding the mayor’s proposed $5 monthly trash fee.
A plan his team says could climb to $25 a month by 2032. If it does, Williams told council that $300 annual cost would be just .15% of a $200,000 income.
For someone making $15,000, it’s two percent. “More than 13 times the burden for the same trash, same truck and same fee, but not the same pay,” Williams explained.
However, Controller Chris Hollins said the mayor’s not being truthful about the real cost.
“Houstonians are not stupid,” Hollins said. “We should not treat Houstonians like they’re stupid.”
Hollins said the cost may need to be $40 a month. Whitmire didn’t respond to Hollins during the meeting when he asked if he plans to increase the fee.
No matter the cost, some council members want to offer financial relief. Right now, there are no exceptions.
However, an amendment council will consider from Council Member Alejandra Salinas next week would change that.
“If they for whatever reason met the threshold and need an additional need because of the administrative fee, our amendment would allow them to apply for funds through the water fund,” Salinas said.
The trash fee wasn’t the only item from the mayor’s seven and a half billion dollar budget proposal that sparked debate. Hollins said a plan to divert money away from water utilities could drain a billion over the next five years from infrastructure money.
Whitmire disagrees saying there’s more than enough funds to handle the change, and continue with projects.
“We’ve all admitted the budget’s not perfect, but certainly it’s a first start that Houstonians understand and it’s a shame it’s being so politicized because it’s literally people’s lives and death,” Whitmire said.
Council will vote on amendments next week. It has to have a new budget in place by the end of the month.
Copyright © 2026 KTRK-TV. All Rights Reserved.
Reader question: My spouse has little interest in our financial position. As we age, this concerns me. I try to share some basic information (income, spending, account balances, debt, and so on) each month but rarely get a response. I think graphs or charts might be of more interest to her than a bunch of numbers. What recommendations would you have for illustrating our financial position so that I am not the only person aware of how we are situated? Thanks!
Answer: Your situation is pretty common. Most couples I know develop a division of labor over time, where one person is in charge of financial matters and the other person is less involved. That’s definitely the case for my husband and me. He’s in charge of paying all the monthly bills and preparing our tax returns, but the financial planning and investment decisions are up to me. This type of arrangement might work well for a long time, but can become less sustainable with age, particularly if the “finance person” in the relationship dies or develops a major health issue.
Online tools and mind maps
Illustrating your financial situation with charts and graphs is a great idea that might help your spouse become a little more involved. Morningstar’s Portfolio X-Ray tool includes a variety of images that help illustrate your financial situation. Websites for most major brokerage firms also include some visual tools. Schwab, for example, offers a Portfolio Checkup and a bar graph illustrating your account’s monthly income from dividends and interest income. Vanguard has a Portfolio Watch tool and a variety of performance illustrations, tools, and calculators.
A mind map, which we used with clients when I worked for a financial advisory firm, can be another way to picture your entire financial situation on one page. There are various softwaretemplates for drawing a mind map, or you can simply sketch it out with a large sheet of paper and a pencil. Start with your names at the center of the page. Then draw spokes connecting to various categories, such as names of other family members; investment accounts; real estate and other assets, insurance policies, estate plans, key goals and values, and contact information for accountants, estate planners, and other professionals. It can be helpful to go through the mind map together and make any updates needed at least once a year.
Other ways to communicate about money
A few other ideas—though not related to charts and graphs—might also be useful.
I like the idea of putting together a net worth statement that itemizes cash, taxable accounts, real estate, retirement accounts, and debt for each member of the couple as well as items owned jointly. It’s a good idea to update this document at least once a year and discuss it as a couple. If you set up the document as a spreadsheet, you can include columns with additional information such as account numbers, what each account is used for, which accounts are subject to required minimum distributions, or tax issues like potential capital gains.
Many couples also put together a binder (sometimes humorously called a “Doomsday Book”) that contains information about where to find important paperwork, insurance policies, how bills are paid, what each account is for, steps the surviving spouse will need to take, final wishes, and any other critical information.
A well-qualified financial adviser can bridge the information gap
Finally, you could consider working with a good financial adviser, who can help involve your spouse in financial matters while you’re still living and step in to fully manage investments and personal finance decisions if you pass away before your spouse. Make sure the adviser holds the Certified Financial Planner designation and charges fees that are reasonable. Although a 1% fee is still the industry standard for accounts of $1 million or less, it’s possible to find advisers who charge significantly less, including a few who price their services based on hours worked instead of a percentage of assets under management.
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This article was provided to The Associated Press by Morningstar. For more personal finance content, go to https://www.morningstar.com/personal-finance.
Amy C. Arnott, CFA, is a portfolio strategist for Morningstar and co-host of The Long View podcast.
Related links:
What If This Turns Out to Be a Terrible Time to Retire?
https://www.morningstar.com/personal-finance/what-if-this-turns-out-be-terrible-time-retire
Bill Bengen: ‘Inflation Is the Greatest Enemy of Retirees’
https://www.morningstar.com/retirement/bill-bengen-inflation-is-greatest-enemy-retirees
3 Big Questions to Ask Your Aging Parents
https://www.morningstar.com/personal-finance/3-big-questions-ask-your-aging-parents
Copyright 2026 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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