The United Kingdom’s prime minister, Boris Johnson, will commit to end the UK’s overseas fossil fuel financing “as soon as possible” at the Climate Ambition Summit. The phase-out of oil, gas, and coal financing applies to aid funding, trade promotion and export finance provided by UK Export Finance (UKEF), the institution that has come under scrutiny for its USD 1 billion investment in a controversial LNG project in Mozambique and for considering to finance the equally controversial East African Oil Pipeline.
“This report shows that the UK has a clear opportunity to show climate leadership and stop propping up deadly fossil fuels with public money.
For the UK to be credible as a COP26 host, it should end all overseas and domestic finance and subsidies for oil and gas production. Emissions from oil, gas and coal in already-operating fields and mines globally will push the world far beyond 1.5°C of warming.
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.