Export-Import Bank of the U.S. Director Owen Herrnstadt Joins U.S. Government Delegation to COP29 in Azerbaijan

EXIM Announces Record Level of Clean Energy Financing Supporting U.S. Jobs

FOR IMMEDIATE RELEASE November 13, 2024

Baku, Azerbaijan - This week, Export-Import Bank of the United States (EXIM) Board Member Owen Herrnstadt joins senior Biden-Harris administration officials from more than 20 U.S. Departments, Agencies, and organizations to highlight U.S. leadership on tackling the climate crisis while strengthening the U.S. and global economies during the 2024 U.N. Climate Change Conference (COP29) in Baku, Azerbaijan. Director Herrnstadt will participate in high-level discussions with multilateral international institutions, as well as government, business, and civil society leaders from around the world.

On Thursday, November 14, Director Herrnstadt will deliver opening remarks for a session entitled, "U.S. Industry Climate Solutions for Global Partners," where he will highlight how EXIM is supporting clean energy projects. Later that day, he will participate in a roundtable entitled, "Financing the Low-Carbon Energy Transition in Asia and the Pacific." Director Herrnstadt will also be speaking at an event held by the U.N.'s International Labour Organization entitled, "Mobilizing Financial Sector Support for a Just Transition."

During COP29, Director Herrnstadt will outline how EXIM's suite of programs, including its Environmentally Beneficial Exports Program, flagship Make More in America Initiative and China and Transformational Export Program can be used to support U.S. manufacturers and U.S. workers in the clean climate industry and low-carbon energy transition.

Director Herrnstadt's trip comes on the heels of EXIM's announcement of record-level clean energy investments. In line with EXIM's mandate, 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. These new investments, which represent over one-fourth of EXIM's transactions this year, supported $1.7 billion in clean energy and other environmentally beneficial exports, an EXIM record.

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.