EU and other OECD countries propose banning export credit for coal-fired power projects

Organization for Economic Co-operation and Development (OECD) countries held an extraordinary meeting this Wednesday and Thursday to discuss a possible ban on export credits for international coal-fired power generation projects without compensation measures. Discussions will focus on a proposal submitted by the European Union and other countries (Canada, Republic of Korea, Norway, Switzerland, the UK and the US) earlier this month. The proposal supports greening of the global economy and is an important step in aligning the activities of export credit agencies with the goals of the Paris Agreement.

Export credit is an important part of promoting international trade. as a participant OECD regime on officially backed export creditThe European Union plays a major role in efforts to ensure an equal playing field at the international level and to harmonize the common goal of combating climate change. The European Union has pledged to end aid for export credits for coal without offset measures as well as commits to a fair transition internationally. In January 2021, the Council of the European Union Called Eliminating environmentally harmful fossil fuel subsidies globally at a clear time; and a firm and fair global transition towards climate neutrality, including phasing out carbon without compensation measures in energy production and, as a first step, an immediate end to all new coal infrastructure in third countries. funding.

in that February 2021 Business Policy ReviewThe European Commission has proposed an immediate end to support for export credits for the coal-fired power sector. In June this year, members of the G7 also Recognized Continuing global investment in coal-fired power generation was inconsistent with the aim of limiting it to 1.5°C and internationally committed to ending new public support support for global coal-fired power generation by the end of 2021. export finance.

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