Plan to Ban Foreign Fossil Fuel Finance Collapses at OECD
- Curbs would have throttled tens of billions in support yearly
- Countries had sought to land deal before Trump’s inauguration
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Talks on a plan by wealthy nations to throttle tens of billions of dollars in public support for oil and gas projects have broken down without agreement, weeks before President-elect Donald Trump takes office.
The EU, UK, US and other countries had sought the deal to limit export-credit agency finance for global fossil-fuel projects under the umbrella of the Organization for Economic Co-operation and Development, a group of market-based economies. While improving transparency in export financing remains a target, the likelihood of a broader deal to curb support for hydrocarbon projects is now remote, said senior US officials, who asked to speak anonymously as the deliberations are private.