Europe and US Push for Oil-Funding Curbs Deal to Outlast Trump
- Korea and Turkey have opposed a deal during OECD’s Paris talks
- EU, US working to finalize deal this week on financing cuts
Restricting export-credit agency support for fossil fuels is viewed as crucial to meet global climate goals.
Photographer: Matthew Busch/BloombergThis article is for subscribers only.
The EU, US and other countries are hammering out a plan to throttle tens of billions of dollars of financial support for foreign oil and gas projects, weeks before President-elect Donald Trump moves into the White House.
Negotiators are working toward landing a deal at the Organization for Economic Co-operation and Development gathering in Paris by Thursday, according to people familiar with the matter. An agreement would be a culmination of more than a year of effort to expand existing rules that prohibit member nations’ export-credit agencies from financing unabated coal projects.