Changes to export credit policies have been agreed by the Organisation for Economic Cooperation and Development (OECD).
Members of the Organisation, including the EU, have agreed to substantially limit export-related support for coal-fired power plants and to encourage the use of the most advanced technology in energy production.
Following two years of intense discussions, the deal is said to represent an important first step towards aligning export credits policies with the global push for cleaner energy generation.
Under the new rules, export credit agencies of the OECD countries concerned will only be able to support export of coal-fired plants where no other, less-polluting power generation technology, is available.
Where only coal-fired technology is available, then financial support would be available only for the most efficient systems.
The European Commission said that the agreement is shaped in such a way as to allow for future adaptations – taking account of the latest developments in climate science, further advances in energy-generation technology, and changes to domestic policy frameworks in both exporting and importing countries.
Welcoming the agreement – which must still be formally endorsed by the EU Member States – Trade Commissioner Cecilia Malmström said that it demonstrates that EU trade policy can make a significant contribution towards the production of cleaner energy and fighting climate change.
Mrs Malmström added that she hoped other countries would follow the OECD’s lead after the forthcoming COP21 climate conference in Paris.
OECD rules on export credits apply primarily to members of the Organisation. However, it has pointed out, several key non-member states, including Brazil, China, India and South Africa, regularly attend meetings of the OECD Export Credits Group as observers and may decide to join initiatives on a voluntary basis.
