Top Posts
Report: Nigeria, others may lose $300 billion, 49m...
Pope Leo hits out at climate change critics
Nigeria insurers prepare to global delegates on climate...
Energy Dept. asks employees not to use words...
Protesters seek $5tr payment from fossil fuel companies
Borno govt, NGOs demand funding on climate change...
Lagos rolls two-year flood plan to integrate lakes,...
UN official says climate change displaces up to...
UN ends high-level week with calls for peace,...
Ahead of COP30 conference, new national climate plans...
EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World
World

Rich countries agree to give “green” projects better export finance

by Matthew Eloyi April 4, 2023
written by Matthew Eloyi April 4, 2023
515

Wealthy nations have agreed in principle to require their export credit bureaus to provide financing for a number of “climate-friendly and green” projects on more favourable conditions.

The European Union and a group of 13 countries decided to reduce insurance costs and extend loan repayment terms for projects including low-emission transportation, electrical infrastructure, and renewable energy.

The head of the Organisation for Economic Co-operation and Development (OECD), Matthias Cormann described the deal as a “great milestone to help increase the impact of trade and finance flows on securing our climate objectives”.

However, proponents assert that there is no precise definition of “green projects” and have criticized the inclusion of technologies like carbon capture and storage and hydrogen.

Read Also: UN urges governments to crystallise right to healthy environment

They assert that industry will benefit from the reform, possibly for polluting initiatives, as many hydrogen and CCS projects are driven by fossil fuel firms.

The agreement is a piece of a reform package negotiated inside an OECD group in charge of establishing guidelines for member states’ export credit agencies (ECAs).

The USA, France, Germany, Italy, Canada, the UK, Japan, the European Union, South Korea, New Zealand, Australia, Norway, Switzerland, and Turkey are among the participants.

After national ECAs have put the reform into place, it is anticipated to take effect later this year.

Story was adapted from Climate Home News

export financeOECD
0 comment 0 FacebookTwitterPinterestEmail
admineconai

previous post
UN urges governments to crystallise right to healthy environment
next post
IIGCC releases final net zero infrastructure guidance for investors

Related Posts

Pope Leo hits out at climate change critics

October 3, 2025

Protesters seek $5tr payment from fossil fuel companies

October 1, 2025

UN official says climate change displaces up to...

September 30, 2025

UN ends high-level week with calls for peace,...

September 30, 2025

China announces plans to cut greenhouse gas emissions...

September 25, 2025

China locks down as Super Typhoon Ragasa nears...

September 24, 2025

Trump says climate change ‘greatest con Job in...

September 24, 2025

PERILS sets final industry loss estimate for 2024...

September 22, 2025

Guterres says 1.5C climate warming goal could fail

September 22, 2025

Australia sets 62-70% GHG emission reduction target by...

September 22, 2025

Leave a Comment Cancel Reply

Save my name, email, and website in this browser for the next time I comment.

Newsletter

Subscribe my Newsletter for new blog posts, tips & new photos. Let's stay updated!

  • Facebook
  • Twitter
  • Instagram
  • Linkedin
  • Bloglovin
  • Vimeo

@2021 - All Right Reserved. Designed and Developed by Eco-Nai+

EcoNai Newsroom
  • Newsround
  • Nigeria
  • Africa
  • World