#ukef

A drone shot of the blanket bog (a type of peat bog) in the Scottish Highlands. This is from my 2019 project titled “Exporting Is Great?” which investigated the UK Export Finance department and how the UK government is helping to fund fossil fuel installations in foreign countries. Check the full project here.

Whilst peatlands only cover 3% of the worlds land area they hold Nearly 30% of all the carbon stored on land. The Flow Country which is an area in the north of Scotland stores about 400 million tonne's of carbon, more than double the amount in all of Britain's woodlands. Due to rising temperatures this habitat is at real risk from climate change, as the bog dries it releases its stored carbon, only fueling the issue.

MUMBAI: HSBC has partnered with the UK export credit agency UK Export Finance to provide funding support to MSMEs for imports from the UK. The partnership envisages an intent to establish a financing programme of up to GBP 100 millionHSBC India and UKEF today signed a Letter of Intent (LoI), which enables them to work together on opportunities relating to UKEF’s guarantee-backed structures. HSBC…

New Post has been published on http://scitechnews.co.uk/green-business/fossils-financing-filthy-fuel-uk-breaks-its-green-pledge/

Fossils Financing Filthy Fuel: UK Breaks Its Green Pledge

A study of loans provided by the UK Export Finance (UKEF) agency revealed that the British government provided about 1.7 billion pounds ($2.6 billion) in loans to fossil fuel projects abroad in the quadrennial period.

The UKEF funding reneges on the 2010 coalition pledge agreed between the Conservative Party and the Liberal Democrats to cut down overseas fossil fuel subsidies.

The wording of this agreement reads, “We will ensure that UK Trade and Investment and the Export Credits Guarantee Department [UKEF is its operating name] become champions for British companies that develop and export innovative green technologies around the world, instead of supporting investment in dirty fossil-fuel energy production.”

Just after taking office, prime minister David Cameron promised he would lead the “greenest government ever”. UKEF reports to business secretary Vince Cable.

UKEF determines projects to finance. UKEF sets out guarantees and insurance enabling UK exporters of goods and services to operate overseas.

Nonprofit organisations sharply rounded on the government’s decision to select “dirty fossil fuel energy production” over green technologies

Greenpeace’s Energydesk website conducted the investigation into UKEF’s loans.

The government offered loans to a number of fossil projects including oil and gas exploration, coal mining and petrochemicals. Russia, Brazil, India, Saudi Arabia and Vietnam were the strongest beneficiaries.

According to the report Russia’s Gazprom, the Sadara Chemical Company of Saudi Arabia and Brazil’s oil producer Petrobas were beneficiaries. Sadara received a £447 million loan. This was the largest loan.

Speaking of the loan, UKEF says it was “the largest it has ever supported on a limited recourse project financing basis”.

Will McCallum is policy adviser at Greenpeace UK.

He said: “The loophole allowing UK Export Finance to continue funding highly polluting infrastructure, and the extraction of fuels we urgently need to leave in the ground, is one that must be closed if the government is to honour its international commitment to a 2C limit [in temperature rises].

“[Energy and climate secretary] Ed Davey’s efforts to eliminate overseas funding for coal power generation are very welcome, but the UK could do a lot more to push for a binding commitment from the OECD to phase out funding for all high carbon projects. Nothing would send that message more strongly than limiting the UK’s export finance for these schemes.”

Sources:

http://www.theguardian.com/environment/2015/jan/06/uk-loaned-17bn-to-foreign-fossil-fuel-projects-despite-pledge

http://sputniknews.com/europe/20150106/1016560723.html

http://i.telegraph.co.uk/multimedia/archive/02700/GRANGEMOUTH_2700282b.jpg