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Governments worsen climate crisis with USD billions in export finance
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2021/09/29
Country: Brazil, China, Italy, Japan, Netherlands
ECAs: Nippon Export and Investment Insurance, SACE S.p.A.
Issue: BRIC countries, Climate Change, Oil, Gas and Mining
(Offshore Technology, London, 16 September 2021) Dutch floating production storage and offloading (FPSO) operator SBM Offshore has completed the largest project financing in its history, of the vessel FPSO Sepetiba, for a total of $1.6bn. SBM Offshore was established in 1862 and its main...
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2021/09/29
Issue: Climate Change
(Bizcommunity, Cape Town, 23 September 2021) A clear call to action to rethink the sustainability performance of the export finance market has come out of an International Chamber of Commerce (ICC) white paper. Released at a major event during United Nations (UN) General Assembly week and...
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2021/09/29
Country: Sweden
Issue: Climate Change
(EKN, Stockholm, 15 September 2021) EKN launches a new credit guarantee to facilitate financing of green exports as well as green transition projects within Swedish exporting companies. The new guarantee covers the bank’s risk up to 80 percent instead of previously 50 percent, which increases...
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2021/09/29
Country: United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Climate Change
(Energy Live News, London, 23 September 2021) The UKEF has committed to making all of its £50 billion capacity carbon-neutral by 2050 on a net basis. Through its new climate strategy, the country’s export credit agency will increase its support for clean growth, renewables and climate...
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2021/09/29
Country: Germany
ECAs: Euler Hermes Deutschland AG
Issue: Climate Change, Human Rights, Oil, Gas and Mining
Member: urgewald
(Urgewald, Berlin, 15 September 2021) A new report by the environmental organisations urgewald and Deutsche Umwelt-Hilfe (DUH) shows that the German government is supporting climate-damaging oil and gas projects with guarantees worth billions of euros. In the report, the organisations examine...
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Briefings & reports from ECA watch members
2021/09/29
Country: Germany
ECAs: Euler Hermes Deutschland AG
Issue: Climate Change, Human Rights, Oil, Gas and Mining
Member: urgewald
Berlin 15.09.2021
A new report by the environmental organisations urgewald and Deutsche Umwelt-Hilfe (DUH) shows that the German government is supporting climate-damaging oil and gas projects with guarantees worth billions of euros.
- German government provides support for oil...
2021/09/29
Issue: Climate Change, End Coal Financing, OECD, Oil, Gas and Mining
(Wall Street Journal, Paris, 14 September 2021) The U.S., the European Union, South Korea and other wealthy nations are moving to forbid their export-financing agencies from supporting coal-fired power projects overseas, in an effort to end government support for a fuel that is one of the world...
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2021/08/31
Issue: Climate Change, End Coal Financing, Oil, Gas and Mining, Renewables
(Global Trade Review, London, 4 August 2021) Export credit agencies (ECAs) are lagging private financial institutions in setting targets for reaching net zero greenhouse gas emissions and are missing opportunities as the energy transition gets underway. That’s the argument of a...
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2021/08/31
Country: France, Italy
ECAs: SACE S.p.A.
Issue: Climate Change, Oil, Gas and Mining
(Construction Review Online, Nairobi, 25 August 2021) Financed to the tune of US$ 1.2bn by a consortium of international banks including CDP Bank, Credit Agricole Bank, and BNP Paribas with the Italian Export Credit Agency (SACE) and the Egyptian Ministry of Finance as guarantors, the Middle...
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2021/08/31
Country: Australia
Issue: Climate Change, End Coal Financing
(Global Trade Review, London, 28 July 2021) Australia’s banks have defended their decision to exit the thermal coal sector and pushed back against suggestions from government lawmakers that they be forced to extend financing to fossil fuels. A flurry of exits from thermal coal businesses that...
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2021/08/31
Country: Sweden
Issue: Climate Change
(EKN/SEK, Stockholm, 26 August 2021) The Scientific Climate Council, a group of academic experts, will provide advisory support to EKN and SEK to assist aligning the Swedish export finance system with the Paris Agreement’s 1.5°C goal. The climate council is the first of its kind in the world...
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2021/08/31
ECAs: UK Export Finance (UKEF)
Issue: Climate Change, Oil, Gas and Mining
(All Africa, Cape Town, 23 August 2021) The withdrawal by risk averse lenders from the East African Crude Oil Pipeline has seen the cost of the project rise by 30 percent to $5 billion, meaning shareholders will be forced to dig deeper into their coffers to fund it. Shareholders of...
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2021/07/29
Country: France, Germany, Italy
ECAs: COFACE, Euler Hermes Deutschland AG, SACE S.p.A.
Issue: Climate Change, Oil, Gas and Mining
(Sky News, London, 16 July 2021) As deadly flooding ravages parts of Germany, the country's government is still considering massive investment in a Russian-led gas project known as Arctic LNG II. Germany has been accused of "pure play hypocrisy" for complaining of the impacts of climate change...
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2021/07/29
Country: Canada
ECAs: Export Development Canada
Issue: Climate Change, End Coal Financing, Oil, Gas and Mining, Transparency
(Globe Newswire, Ottawa, 22 July 2021) Export Development Canada (EDC) is committing to net zero emissions by 2050 across its business lines and in its own global operations. The Crown corporation’s plan will include interim reduction targets for the most carbon intensive sectors for 2023 and...
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