Report: Biden issues order to end federal financing of overseas coal plants

President Joe Biden has issued an order to U.S. embassies to immediately end federal funding of coal plants and other high-carbon projects, according to new reports Friday.

The diplomatic cable was sent last week and states: "Our international energy engagement will center on promoting clean energy, advancing innovative technologies, boosting U.S. clean-tech competitiveness and providing financing and technical assistance to support net-zero transitions around the world," according to Bloomberg News.

The order will affect all new carbon-intensive projects that would cost at least $250,000 in federal funding. Multiple exemptions are reportedly included ones pertaining to national security and individual government officials, according to The Hill.

The U.S. committed during the United Nations COP26 climate summit in November to ending "new direct public support for the international unabated fossil fuel energy sector by the end of 2022."

The announcement, which was expected, comes two days after Biden signed an executive order that set a goal for the federal government to lead the economy in reaching net-zero emissions by 2050.