The next UK government must stop supporting overseas fracking operations, a coalition of organisations demanded today. Friends of the Earth, Platform and the Argentina Solidarity Campaign handed in a letter to the Westminster headquarters of UK Export Finance, a government agency which helps UK companies operate abroad by underwriting finance and insurance. Earlier this month, the UK government declared a moratorium on fracking in England because of concerns about earth tremors. But freedom of information requests revealed that the government was also using trade and diplomatic channels and funding from UK Export Finance to help companies, such as BP and Shell, which want to frack in the Vaca Muerta in Argentina, the world’s second largest shale gas reserve. In 2017, UK Export Finance set up a £1bn export credit support fund for Argentina.
Drill or Drop 18th Nov 2019 read more »
The European Investment Bank’s (EIB) recent decision to phase out funding for fossil fuel projects could have far-reaching implications for energy companies and countries across the continent, a number of experts have warned. Last week, the EIB announced that it would stop lending money to oil, gas, and coal firms by the end of 2021, slowly phasing out the practice in light of environmental concerns. It has said it aims to become the world’s first ‘climate bank.’ For four years between 2013 and 2017, the investment bank pumped €11.8bn (£10bn) in to oil and gas projects, according to Bankwatch. But the EIB board, predominantly made up of EU finance ministers, has now said the lender will become the world’s first to cut off funding for environmentally damaging projects.
Telegraph 18th Nov 2019 read more »