This joint position launched by 175 civil society organisations from 45 countries calls on world leaders to end OECD export finance for oil and gas, and explains how it can be done.
Today the OECD Export Credit Group announced new restrictions on its support for overseas coal projects. The restrictions do not address export finance for coal mines and related infrastructure, nor oil and gas financing even if the latest IEA report shows that investments in new fossil fuel production need to end this year to limit warming to 1.5°C.
It’s absurd for the UK government to declare a climate emergency while pouring vast sums of taxpayer-backed money into fossil fuel expansion. The Environmental Audit Committee is right to call for serious reform of UK Export Finance.
Hidden Costs: Pollution from Coal Power Financed by OECD Countries November 2015 Oil Change International and WWF DOWNLOAD REPORT OECD countries support coal-fired power plants abroad by providing preferential financing through institutions called Export Credit Agencies (ECAs). These coal-fired power plants have significant costs, in the form damages to the health of local populations from air … Read More