Question to the Foreign, Commonwealth & Development Office:
To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, if he has made an assessment of the proportion of CDC Group’s 2020 commitments to (a) ABSA Bank, (b) BMCE Bank of Africa and (c) Trade Development Bank that potentially support fossil fuel projects.
In July 2020, CDC launched its new Climate Strategy. Subsequently, in December 2020, CDC launched its Fossil Fuel Policy and Gas Guidance Tool, which is fully aligned with the UK Government's fossil fuel policy. The policy excludes investment in the vast majority of fossil fuel types with very limited exclusions.
CDC sets parameters, including exclusions, for the use of its funds and has not made sector estimates for the use of funds for these investments.