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UK Export Finance: Fossil Fuels

Department for International Trade written question – answered on 13th February 2020.

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Photo of Tulip Siddiq Tulip Siddiq Labour, Hampstead and Kilburn

To ask the Secretary of State for International Trade, whether UK Export Finance undertake environmental impact assessments of oil and gas projects that it funds.

Photo of Tulip Siddiq Tulip Siddiq Labour, Hampstead and Kilburn

To ask the Secretary of State for International Trade, whether the environmental impact is a criterion in UK Export Finance's decision-making in relation to grant support to companies.

Photo of Conor Burns Conor Burns The Minister of State, Department for International Trade

UK Export Finance (UKEF) is committed to high standards of environmental, social and human rights (ESHR) risk management. It rigorously follows the requirements of the OECD Common Approaches and Equator Principles, which set the framework for export credit agencies and international financial institutions in managing such risks. Fundamental to this framework is a requirement for the sponsor of relevant projects which are to receive eligible UK exports to develop an Environmental and Social Impact Assessment (ESIA), or equivalent suite of documents, to international standards.

UKEF has a specialist ESHR team that reviews relevant projects before UKEF makes any decision. This includes all oil and gas projects falling within the scope of either, or both, of the OECD Common Approaches or the Equator Principles. These supported projects are then monitored by the ESHR team throughout the lifetime of UKEF’s support to ensure continuing compliance with these requirements.

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