UK Export Finance: Expenditure

Lord Grantchester Excerpts

Wednesday 27th March 2019 Lords Chamber

[Baroness Fairhead]

I agree with my noble friend. We have taken the lead on coal-fired power stations. As the House will be aware, we have agreed, on a multilateral basis, only the most extreme exceptional circumstances for any new coal-fired power stations. We have taken the lead on that. We have asked UKEF to be part of the Steering Committee of the Equator Principles. The last time we supported a new coal-fired power station overseas was in 2002.

[Lord Grantchester (Lab)]

My Lords, in terms of taking leadership on energy production, does the Minister agree that it is now time to recognise that underwriting exports on a return-on-capital basis is no longer sufficient and that consideration should be given to social and environmental effects and benefits?

[Baroness Fairhead]

My Lords, we absolutely have regard to those things. All our projects are rigorously assessed according to the common approaches of the OECD and the Equator Principles—the environmental, social and human rights aspects. We rigorously follow all the international guidelines, which include making sure that people stay safe in those nations, as well as having regard to human rights.