ECA Watch letter to European Commission re ECAs and corporate social governance

(ECA Watch, Amsterdam, 25 November 2021) The European Commission is working on a proposal for a directive on corporate social governance, which will include a regulation of the human rights and environmental due diligence (HREDD) obligations of corporations. We urge the proposed new regulation to become legally binding on the due diligence obligations of ECAs of member states, to make ECAs liable for its implementation and to implement export credit insurance as an enforcement mechanism for the legislation., This directive should oblige ECAs to monitor and follow HREDD policies and would ban companies, that have violated their duties under the directive, from ECA support.