Global public support for coal is decreasing. Obama has pledged to stop American support for public financing of new coal plants outside the U.S., the World Bank has announced to phase out support for coal projects and some large private banks are withdrawing from fossil fuels. But what about export credit agencies (ECAs)? Until now, ECAs have not withdrawn from coal projects. On the contrary: while other investors gradually cease their support to coal projects, export credit agencies are investing in coal more than ever. On June 11, an alliance of 50 NGOs, including Both ENDS, published a recommendation to the OECD calling for an end to export credit support for coal.
The European Bank voor Reconstruction and Development wants to provide $40 million to a Kuwaiti company that is going to start doing oil drilling in Egypt. Huub Scheele from Both ENDS together with Egyptian NGOs urges the EBRD to postpone the decision, as the money is not going to contribute to any positive changes for the Egyptian people.
Both ENDS, the World Wildlife Fund and CDM watch are signatory to a letter sent to Secretary Joop Atsma of the Dutch Ministry of Infrastructure and Environment, drawing attention to the problem of surplus emission allowances. These allowances permit countries and companies to emit greenhouse gases and other harmful gases. Emission trading stems from the Kyoto Protocol that was drawn up in 1997 and will expire by the end of this year. Many countries have not used all their emission allowances and want to transfer them to the future. According to the three organizations this will be damaging: new investments in climate-friendly development will lose urgency for many countries.