(Al Jazeera, Washington, 30 July 2023) While the president's rhetoric aligns with global climate promises, his administration has approved massive fossil fuel projects. Ahead of its Climate...
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(Energy Portal EU, London, 12 August 2023) The transition to clean energy is sparking intense debates as the climate crisis worsens. While cities, universities, and pension funds across the U.S. have divested from fossil fuels, the divestment movement has faced obstacles. In California, a bill...
more(Sullivan&Cromwell LLP, New York, 10 August 2023) On July 14, the OECD published the revised text of the Arrangement on Officially Supported Export Credits (the “Arrangement”). This forms part of the landmark modernisation of the Arrangement, as previewed in...
more(Price of Oil, Washington, 11 July 2023) Italy’s export credit agency SACE has approved a $500 million guarantee in loans for the Talara oil refinery in Peru, once again breaking their commitment to end their international public finance for fossil fuels by the end of 2022. SACE is the biggest...
more(Environment Governance Institue, Seeta Uganda, 18 June 2023) Thirty four African environmental and human rights civil society organisations and 13 international supporters wrote the African Export-Import Bank (Afreximbank) in anticipation of the 30th Afreximbank Annual General Meeting (AGM)...
more(Price of Oil, Washington, 18 July 2023) Last Friday, the Export-Import Bank of the United States (EXIM) — the official export credit agency of the U.S.— insured USD 400 million in revolving credit facilities for global commodities trader Trafigura. The newly approved transaction will allow...
more(Global Trade Review, London, 28 June 2023) Mercuria has secured over US$5bn in new and renewed financing facilities, including its first funding backed by an export credit agency (ECA). The global commodities trader, which focuses on energy products, metals and minerals, says it has closed...
more(Hydrocarbon Engineering, Surrey, 13 June 2023) Italy’s State Export Credit Agency (SACE) has signed a financial memorandum with Uzbekistan’s largest oil company, Saneg, concerning an innovative methanol-to-olefin gas chemical complex (GCC MTO), that is currently under construction in the...
more(Yahoo Finance, Brazil, 20 June 2023) SBM Offshore is pleased to announce it has signed the project financing of its floating production storage and offloading unit (FPSO) Alexandre de Gusmão for a total of US$1.615 billion. The project financing is provided by a consortium of 12 international...
more(Byline Times, London, 16 June 2023) OECD countries are continuing to pour tens of billions of pounds into fossil fuel projects, despite their obligations to switch to clean energy sources. Advanced economies are breaking their own climate change obligations by investing massively in fossil...
more(Price of Oil, Paris, 23 June 2023) The Organisation for Economic Co-operation and Development (OECD) recently agreed on terms and conditions for climate-friendly export financing as part of its revised ...
more(Upstream Online, London, 23 June 2023) The UK’s top court has thrown out an application by Friends of the Earth (FoE) to appeal a case it lost earlier this year against the government’s funding of TotalEnergies’ $20 billion Mozambique LNG project. FoE had argued in the Court of Appeal in...
more(Reuters, Jakarta, 24 June 2023) Indonesia's state energy company Pertamina (PERTM.UL) reached a $3.1 billion financing deal with a number of export credit agencies and commercial banks to fund the upgrade of its Balikpapan refinery, the company said on Saturday. The lenders include export...
more(Swedwatch, Stockholm, 27 April 2023) Despite promises to make financial flows consistent with a low-carbon economy, EU member states continue to provide financial support to the fossil fuel industry through export credits. It is time that the EU Commission replaces its outdated policy with new...
more(Reinsurance News, Brighton, 15 May 2023) Berne Union, the global association for the export credit and investment insurance industry, has reported that its market showed “strong growth” across business lines in 2022 and a fall in claims paid overall. Highlights from the year’s data show that...
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