(Both Ends, Amsterdam, 13 September 2011) With an overwhelming majority – 643 votes in favour, 20 against and 9 abstentions – a new law, which forces European export credit agencies (ECAs) to be more transparent about the environmental and social effects of transactions supported by ECAs, has just been approved of in the European Parliament. As of next year, all ECAs will have to deliver a report about this to the European Commission and the European Parliament on a yearly basis. European green MEPs noted that “EU Member States will have to report on how ECAs perform according to EU global goals and commitments regarding the promotion of democracy and human rights, and the fight against climate change, on how they include environmental risks in their interest calculation (environmentally unsound investment projects might be charged with higher interest rates, in order to cover their real risks).
Date
9 September 2011
