Development of countries such as Mozambique will be held back if oil and gas finance is withdrawn
Overseas oil and gas financing bans may herald sector crisis in emerging markets
Western governments are following the UK’s lead in ending ECA finance for fossil fuels overseas, leaving China as the main source of capital
The UK’s announcement in December that it would end export credit agency (ECA) finance for fossil fuel projects overseas has led to many other states following suit—leaving some of the poorest countries potentially unable to develop resources. The UK was the first government in the world to make such a commitment. But in January 2021 the Biden administration issued a series of executive orders focused on ending US public finance for “carbon intensive” fossil fuels, including those provided by its ECA, US Exim Bank. During the same week, the EU foreign affairs council agreed to discourage all further investments into fossil fuel-based energy infrastructure projects in third countries and an
Also in this section
22 November 2024
The Energy Transition Advancement Index highlights how the Kingdom can ease its oil dependency and catch up with peers Norway and UAE
21 November 2024
E&P company is charting its own course through the transition, with a highly focused natural gas portfolio, early action on its own emissions and the development of a major carbon storage project
21 November 2024
Maintaining a competitive edge means the transformation must maximise oil resources as well as make strategic moves with critical minerals
20 November 2024
Recent project approvals have yielded millions of carbon credits linked to the plugging of the US' abandoned wells
