A little-known UK government agency is helping to finance projects overseas that will emit 69m tonnes of greenhouse gases per year, Unearthed can reveal. This week, as the UK prepares to host a major climate summit in Glasgow at the end of 2020, Boris Johnson promised that the government will no longer support coal mines or coal plants overseas. But it has not financed one since 2002 and an Unearthed investigation in conjunction with BBC Newsnight has revealed that the overseas fossil fuel projects it is supporting will emit greenhouse gases equivalent to 17 coal plants. All the fossil fuel projects to which it is currently exposed are oil and gas-related, although documents obtained by Unearthed suggest the government is also considering supporting a project linked to a huge coal-powered mine in Mongolia. A UKEF spokesperson refused to say whether this would be permitted under the new guidelines proposed by the prime minister. The projects are backed by UK Export Finance (UKEF), which offers loans and financial guarantees to UK companies involved in major projects around the world. It has long declined to rule out investments in fossil fuels.
Unearthed 23rd Jan 2020 read more »