Credendo’s new policy is meant to implement the Glasgow commitment to end international public finance for fossil fuels by the end of 2022, but it leaves loopholes for existing oil and gas fields and gas-fired power.
A new legal opinion lays out the international law obligations of ECAs that are responsible for tens of billions of dollars per year in support for fossil fuels.
This new legal opinion finds that export credit agencies could be in violation of their international legal obligations if they do not take action to reduce their financing of fossil fuel-related activities imminently.
There is an urgent need to ensure that anti-climate riders stay out of appropriations packages for Fiscal Year 2020 as Congress and the Trump Administration continue to negotiate a spending package.
Over the past decade, nearly 90% of the U.S. Export-Import Bank’s total finance for energy projects has flowed to projects in oil, gas, and coal. As momentum grows for climate solutions in the U.S. and abroad, there is an urgent need for a ban on fossil fuel financing at ExIm.
A new analysis of leaked OECD data finds that over the last decade, export credit agency finance has played a significant role in supporting coal power generation globally.