Fossil Fuels: Export Credit Guarantees

Department for International Trade written question – answered on 25th March 2019.

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Photo of Graham Stuart Graham Stuart Parliamentary Under-Secretary (Department for International Trade)

An error has been identified in the written answer given on 22 February 2019.

The correct answer should have been:

The share of support UK Export Finance (UKEF) provided for exports relating to fossil fuels can be found in the table.

FY

Share of Maximum Liability which went to fossil fuel projects, %

2010/11

12%

2011/12

1%

2012/13

5%

2013/14

17%

2014/15

17%

2015/16

33%

2016/17

26%30%

2017/18

7%

UKEF publishes details of the support it provides in its Annual Report and Accounts.

UKEF’s mission is to ensure that no viable UK export fails for lack of finance or insurance from the private sector. UKEF supports exports in all sectors, including renewables. Its aim is only to provide support where there is a lack of private finance and its provision of support is demand-led and often counter-cyclical. The UK’s oil and gas sector is a significant contributor to the economy, but has seen low investment in recent years due to volatility in oil prices and the lack of financing needed to develop projects. UKEF has provided support for projects in developing markets, helping to improve energy affordability and accessibility.

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Photo of Graham Stuart Graham Stuart Parliamentary Under-Secretary (Department for International Trade)

The share of support UK Export Finance (UKEF) provided for exports relating to fossil fuels can be found in the table.

FY

Share of Maximum Liability which went to fossil fuel projects, %

2010/11

12%

2011/12

1%

2012/13

5%

2013/14

17%

2014/15

17%

2015/16

33%

2016/17

26%30%

2017/18

7%

UKEF publishes details of the support it provides in its Annual Report and Accounts.

UKEF’s mission is to ensure that no viable UK export fails for lack of finance or insurance from the private sector. UKEF supports exports in all sectors, including renewables. Its aim is only to provide support where there is a lack of private finance and its provision of support is demand-led and often counter-cyclical. The UK’s oil and gas sector is a significant contributor to the economy, but has seen low investment in recent years due to volatility in oil prices and the lack of financing needed to develop projects. UKEF has provided support for projects in developing markets, helping to improve energy affordability and accessibility.

Does this answer the above question?

Yes0 people think so

No0 people think not

Would you like to ask a question like this yourself? Use our Freedom of Information site.