Fossil Fuels: Overseas Investment

(asked on 11th February 2021) - View Source

Question to the Foreign, Commonwealth & Development Office:

To ask Her Majesty's Government what is the total value of planned (1) investments, (2) export credit guarantees, (3) loans, and (4) loan guarantees, in overseas fossil fuel projects by way of (a) Overseas Development Assistance, and (2) UK Export Finance, which have been committed but have not yet been finalised.

This question was answered on 25th February 2021

The Prime Minister announced at the Climate Ambition Summit on 12 December that the Government will no longer provide any new direct financial or promotional support for the fossil fuel energy sector overseas, with very limited exemptions.

The Secretary of State for Foreign, Commonwealth and Development Affairs has set out seven core priorities for the UK's official development assistance (ODA) budget in the overarching pursuit of poverty reduction, with climate and biodiversity forming one of these core priorities. No decisions have yet been made by FCDO Ministers on individual country or sectoral budget allocations for 2021/22. In addition, it is not possible to publish all planned, potential transactions, investments, export credit guarantees, loans, and loan guarantees, for reasons of commercial sensitivity.

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