NGOs endorse call for OECD ECAs to end all support for high carbon projects

(ECA Watch, Brussels, 20 May 2014) more than 30s NGO have endorsed recommendations provided by the briefing "Ending Fossil Fuel Support: the way forward". This briefing was developed by ECA Watch members in close collaboration with other international and regional organisations. The March 2014 IPCC report stated that annual investments in conventional fossil fuel power plants must decline by an average of $30 billion/year over the next two decades, and simultaniously investments in the extraction of fossil fuels have to decline by an average of $110 billion. Coal is the most carbon intensive fossil fuel, and several countries have already moved to end public finance for coal. The briefing urges OECD countries to lead, showing by exemple and acting consistently with their climate claims - before the COP21 of the UNFCCC in Paris in 2015. They must commit to not support coal projects with public finance – and more broadly all carbon intensive projects, including mines and associated infrastructure. Such a step forward by OECD countries is a must before any similar action can be effective with non-OECD countries like China. To ensure common consistent action by developed countries, they should also support a multilateral OECD agreement to effectively prevent any support for high carbon projects from OECD Export Credit Agencies. For more information on this briefing, please contact: info@pacificenvironment.org