(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 It is time that the EU Commission replaces its outdated policy with new...
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2023/05/30
Country: Denmark
ECAs: Denmark EKF
Issue: European Union
(ScandAsia, Bangkok, 18 May 2023) The European Commission has approved Danish measures to set up Denmark’s Export and Investment Fund. The fund has a total estimated value of over €4 billion. It aims at supporting economic development, competitiveness, innovation, and growth for Danish...
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2023/05/30
Issue: G7
(UK Government, Rome, 19 May 2023) The leaders of official Export Credit Agencies (ECAs) of G7 Countries - Canada, France, Germany, Italy, Japan, United Kingdom and the United States of America – met on May 16th in Rome, hosted by SACE, the Italian ECA. The meeting provided a framework for an...
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2023/05/30
Country: Iran, United Kingdom
ECAs: UK Export Finance (UKEF)
Issue: Arms Trade
Global Trade Review, London, 15 May 2023) UK Export Finance (UKEF) and defence giant BAE Systems have struck a last-minute out of court deal to settle a £13.9mn claim by the government agency over guarantees for missile systems sold to Iran in the 1970s. In around 1980, export credit agency...
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2023/05/30
Issue: Climate Change, End Coal Financing, OECD, Oil, Gas and Mining, Renewables, Transparency
(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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2023/05/30
Country: Canada
ECAs: Export Development Canada
Issue: Renewables
(Railway Gazette, Suttton UK, 24 May 2023) Alstom and Export Development Canada have signed a C$3·5bn three-year sustainable global corporate partnership covering export financing support and insurance in the transport sector. The export credit agency will focus its support on digital systems...
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2023/05/30
Issue: Climate Change, End Coal Financing
(IFC, Washington, no date 2023) One of the key goals of the Paris Agreement is to ensure that financial flows are consistent with a pathway toward low emissions and climate resilient development. In 2020, The International Finance Corporation (IFC) the World Bank’s private sector arm launched...
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2023/05/30
Country: Australia
Issue: Climate Change, Renewables
(Infrastructue Investor, Sydney, 19 May 2023) Australia’s infrastructure sector has centred on privatisations for decades. But a rapidly changing world calls for more greenfield development. Australia’s transition prospects have recently been boosted by the country’s most significant emissions...
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2023/05/30
Country: Australia
Issue: Human Rights, Oil, Gas and Mining
(Upstream, Perth, 29 May 2023) Australian oil giant Santos denied claims of human rights abuses against Indigenous Australians relating to domestic gas and LNG projects planned or under development that have been alleged to some of the company’s investors and financiers. Equity Generation...
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2023/05/30
Country: China
Issue: Climate Change, End Coal Financing, Oil, Gas and Mining
(South China Morning Post, Hong Kong, 4 May 2023) The number of financial institutions globally that have committed to coal divestments has doubled in the past three years, but it remains negligible in China, according to a new IEEFA study. While more than 200 “globally significant” companies...
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2023/05/30
Country: Australia, China, India, Japan, USA
(Deccan Herald, Bangalore, 21 May 2023) The leaders of the US, Japan, Australia and India met for the Quad Summit on the sideline of the G7 conclave in Hiroshima and agreed to work on a Memorandum of Cooperation (MOC) between the export credit agencies of the governments to strengthen...
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2023/05/30
Issue: Climate Change, End Coal Financing
200 and counting – Global financial institutions committed to coal divestment has doubled in 3 years
(IEEFA, Lakewood OH, 4 May 2023) In its latest report, the Institute for Energy Economics and Financial Analysis (IEEFA) has found that globally significant...
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2023/05/30
Country: Canada
Issue: Oil, Gas and Mining, Renewables, Transparency
(Environmental Defence, Ottawa, 15 April 2023) In a letter to Prime Minister Trudeau, a broad range of Canadian organizations note that it has been over a decade since Canada first committed to ending inefficient fossil fuel subsidies. Instead of fulfilling this promise, the Government of...
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2023/05/30
Issue: Climate Change, G7, Oil, Gas and Mining, Transparency
(Price of Oil, Hiroshima, 20 May 2023) G7 Leaders in Hiroshima concluded that there is “an important role” for “increased deliveries of LNG” and that “publicly supported gas investments can be appropriate”, jeopardizing the 1.5ºC warming limit and directly contradicting last year’s G7...
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2023/05/30
Issue: Climate Change, Common Approaches, OECD, Oil, Gas and Mining, Renewables
(Global Trade Review, London, 24 May 2023) The export credit agencies (ECAs) of OECD countries should take more ambitious action to protect the climate after pouring 77% of their spending into fossil fuel projects between 2018 and 2020, a campaign group has argued. OECD members pumped an annual...
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