New revelations relating to the international conduct of the self-proclaimed greenest government ever.. ..The UK government has provided well over a billion pounds in loans to fossil fuel projects around the world despite a pledge to withdraw financial support from such schemes, an analysis of loans made by the UK’s export credit agency has revealed. UKEF is a ministerial department that reports to Vince Cable, the business secretary. The biggest deal in the trawl of UKEF annual reports is a £447m loan to engineering company Fluor Ltd for Sadara in Saudi Arabia, a $19bn petrochemical plant owned by the country’s oil company and US-based Dow Chemical Company that claims to be the world’s largest of its kind. UKEF says the loan was “the largest it has ever supported on a limited recourse project financing basis”... ..The rate of funding for fossil fuel projects around the world appears to have speeded up in the last financial year, with around £1bn given to such operations in the 2013-14 financial year. At home, the government has come under fire for overseeing a boom in fossil fuel investment and a decline in clean energy investment... and vis-a-vis this final excerpt Ive selected, its *especially* ill-advisable to forget to read between the lines here.. A spokeswoman for UKEF said it reviewed environmental and social issues before approving financing. She said: “UKEF would take dirty fossil-fuel energy production to refer to projects producing pollution in excess of international environmental standards. UKEF adheres to the standards set out in the OECD Common Approaches and will normally refuse support for exports to projects that do not meet those standards. “UKEF has an extensive programme of raising market awareness of its products and services to companies in the renewables sector. However demand has been low; many companies are concentrating on the domestic market, many need equity and development finance, rather than the services of UKEF, and companies which are exporting are focussing on mature markets where the need for risk protection and export finance is limited.”
Posted on: Tue, 06 Jan 2015 18:24:18 +0000
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