Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, with reference to the notice by UK Export Finance entitled Category A project supported: INEOS Project One, Belgium, published on 14 April 2023, whether her Department has made an assessment of the potential impact of that decision on the development of (a) energy generation and (b) energy production sites in the UK.

UK Export Finance (UKEF) has not made an assessment of the potential impact on the development of (a) energy generation and (b) energy production sites in the UK.

In its role as the United Kingdom’s export credit agency, UKEF has issued a guarantee to commercial lenders who are funding the project. That support will help to secure new export opportunities for UK businesses that otherwise may not have been possible.

As with every transaction that it supports, UKEF conducted rigorous due diligence in line with the government’s policies and obligations to inform its decision-making on Project One. This included consideration of environmental and climate impacts.