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UK export credit agency accused of climate 'hypocrisy' in complaint to OECD over funding for overseas fossil fuel projects

"Global Witness accuses UK of 'rank hypocrisy' on fossil fuel projects", 17 March 2020

Global Witness has accused the UK of “rank hypocrisy” in a complaint to the Organisation for Economic Cooperation and Development (OECD)...

The complaint argues that the UK’s foreign credit agency, UK Export Finance (UKEF), has breached the OECD’s guidelines for multinational enterprises by failing to take the climate crisis into account...

UKEF’s financial support for overseas fossil fuel projects has grown by billions of pounds in recent years despite rising calls for governments, investors and companies to end their contribution to the climate crisis...

Although the OECD is not able to demand action from multinational enterprises, any expression of disapproval would add to growing calls for UKEF to end its support for fossil fuels...

A government spokesperson said UKEF would consider its response to the complaint.

“UKEF is an export credit agency in the form of a UK government department, and follows the relevant OECD rules,” the spokesperson said. “UKEF does not consider itself a ‘multinational enterprise’ under the OECD definition.”