On 22 April 2021 President Joe Biden announced his International Climate Finance Plan as a follow up to his January 2021 Executive Order 14008 on Tackling the Climate Crisis at Home and Abroad.
The International Climate Finance Plan reflects the administration's desire to double, by 2024, US annual public climate finance to developing countries, using as a baseline the average level during the second half of the Obama administration. The purpose is to help developing nations reduce or avoid greenhouse gas emissions and "build resilience and adapt to the impacts of climate change".
The International Climate Finance Plan is also supposed to be a boon to US companies, particularly manufacturers of products and technologies viewed as environmentally beneficial. Accordingly, the Export-Import Bank is expected to play a key role in helping the administration to achieve its stated goals. As the US government's official export credit agency, the Export-Import Bank provides direct loans, loan guarantees and export credit insurance in support of exports of US goods, services and technologies. By helping foreign buyers (public and private), the Export-Import Bank fills gaps in private export finance and supports US jobs.