Fossil Fuels: Export Credit Guarantees
(asked on 14th February 2019) - View Source
Question to the Department for International Trade:
To ask the Secretary of State for International Trade, what proportion of UK Export Finance support was allocated to the fossil fuels sector in each year since 2010.
The share of support UK Export Finance (UKEF) provided for exports relating to fossil fuels can be found in the table.
FY | Share of Maximum Liability which went to fossil fuel projects, % |
2010/11 | 12% |
2011/12 | 1% |
2012/13 | 5% |
2013/14 | 17% |
2014/15 | 17% |
2015/16 | 33% |
2016/17 | 30% |
2017/18 | 7% |
UKEF publishes details of the support it provides in its Annual Report and Accounts.
UKEF’s mission is to ensure that no viable UK export fails for lack of finance or insurance from the private sector. UKEF supports exports in all sectors, including renewables. Its aim is only to provide support where there is a lack of private finance and its provision of support is demand-led and often counter-cyclical. The UK’s oil and gas sector is a significant contributor to the economy, but has seen low investment in recent years due to volatility in oil prices and the lack of financing needed to develop projects. UKEF has provided support for projects in developing markets, helping to improve energy affordability and accessibility.