Source: Desmog UK
Read time: 3 mins
The UK’s use of export finance to fund overseas fossil fuel projects is “flatly inconsistent” with both domestic climate policy and efforts to meet the 1.5C warming limit, according to academics at a hearing in Westminster today.
UK export finance (UKEF) provides guarantees, insurance and reinsurance to shore up British investments overseas. Yet instead of supporting much-needed renewables infrastructure, some 99 percent of all energy-related support went to fossil fuels. Between 2014 and 2016, the UK spent £551 million per year to support fossil fuel production.
In December 2018, the government’s Environmental Audit Committee launched an enquiry into the state of UKEF. The first hearing took place today.