End all ECA support for oil, gas & coal
Governments signatories of the Clean Energy Transition Partnership (CETP) should remain committed to end their public finance support to all fossil fuels. Also, they should show leadership by building support for more robust oil and gas restrictions at the OECD — Organisation for Economic Co-operation and Development — level. In October 2023, over 250 organizations showed already their support to the groundbreaking efforts by OECD countries to end $41 billion a year in fossil fuel finance.
Ensure transparency & accountability
Governments must show alignment of all public finance with the Paris Agreement goals by improving their transparency & accountability, for example, in reporting standards. This must include:
a) requirements for ECAs to provide the amount and type of financing,
b) specifics on the projects that are to be supported before and after their approval and
c) timely accounting of the full life cycle and lifetime emissions of the projects they support.
Moreover, improved and faster complaints mechanisms increases ECAs accountability and allows affected communities to report human rights and environmental abuses during the project implementation phase.
Increase Human Rights & Environmental Due Diligence Standards
OECD governments should guide the negotiations on the OECD Common Approaches to increase due diligence standards and improve procedures to uphold human rights and environmental safeguards, for example, to guarantee Free Prior Informed Consent (FPIC) from the affected communities.
