Oil Change International

Exposing the true costs of fossil fuels

EP Passes End Oil Aid Resolution

There has been a great victory for the global End Oil Aid Coalition.

With a resounding majority (540 MEPs in favour), the European Parliament yesterday passed a resolution on trade and climate change which calls for “the discontinuation of public support, via export credit agencies and public investment banks, for fossil fuel projects”.

The resolution asks EU governments to propose legislative mechanisms that would force export credit agencies and the European Investment Bank to “take account of the climate change implications of the funded projects” and to “impose a moratorium on funding until sufficient data are available.”

The resolution also calls on financiers to work harder to transfer public funds to renewable energy and energy efficient technologies.

Environment and development groups working on the issue with Oil Change were pleased. Magda Stoczkiewicz, Policy coordinator of CEE Bankwatch Network, said: “Through the EIB and their export promotion agencies, EU governments continue to subsidise billions of euros in exports and investments that encourage fossil fuel-intensive development. These types of investments will remain in place and contribute to climate change for the next 10 to 50 years. Yet the EIB and the ECAs could be playing a much more positive role in the transition to more sustainable energy. Ultimately urgent action is required at the highest governmental levels.”

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