(May 31, 2007) A joint ECA-Watch/FERN press release: On 23-24 April 2007, the OECD’s Export Credit Working Group (ECG) appears set to approve revised and weakened environmental and social standards governing projects supported by export credit guarantees or loans of greater than 10 million SDRs (US$15.3 million or 11.2 million).
Article 13 of the virtually final negotiating draft of these standards, known as the ‘Recommendation on Common Approaches on Environment and Officially Supported Export Credits’, allows export credit agencies (ECAs) to opt out of applying any standards at all, provided that they report this to the notoriously secretive and effectively unaccountable OECD working group.
