End Coal Financing
ECAs are by far the biggest source of public finance for coal overseas and play a major role in supporting coal globally. According to leaked OECD data, OECD export finance for coal has risen sharply in recent years; for 2005-2012 OECD export credits financed nearly one-quarter of new coal power capacity outside of China, providing about US$11.5 billion. Five countries represent around 90% of the volume: Japan, Korea, US, Germany, France. Through continued public financial support to fossil fuel projects overseas, OECD nations are contributing significantly to climate change. While OECD governments are discussing limited restrictions on coal financing, they must take steps immediately to stop providing export credits and other public finance for all fossil fuels, as the climate crisis demands.