UK Export Finance (UKEF), the Government’s export credit agency, has historically been one of the less visible parts of government. But recent missteps, including offering a $1 billion in support for a new $16 billion LNG facility in Mozambique, have highlighted how UKEF decisions are undermining UK efforts to tackle – and leadership on – climate change. This cannot be allowed to continue, and UKEF should be reformed to better align with climate change and other interconnected government priorities, such as levelling-up.
Conservative Home 7th Sept 2020 read more »
Friends of the Earth (FoE) has issued a legal challenge to the UK government’s decision to support Mozambique LNG. UK Export Finance agreed to provide $300 million through direct loans, with $850mn in guarantees for commercial banks. The agency said such a move would support UK businesses, helping sustain more than 2,000 jobs. Despite this, UK Prime Minister Boris Johnson was said to be opposed to the lending. The PM has called for a review of UKEF lending policies. The move by FoE does not come as a surprise. The NGO, represented by Leigh Day, has called for judicial review of the decision.
Energy Voice 7th Sept 2020 read more »