CDC: Fossil Fuels

Foreign, Commonwealth and Development Office written question – answered on 19th July 2021.

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Photo of Preet Kaur Gill Preet Kaur Gill Shadow Secretary of State for International Development

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what estimate he has made of the amount of CDC Group’s £79.5 million funding to Standard Chartered Risk Sharing Facility that will support trade finance for fossil fuel projects.

Photo of James Duddridge James Duddridge Parliamentary Under-Secretary (Foreign, Commonwealth and Development Office)

CDC's 2020 investment commitment to Standard Chartered formed part of our Covid-19 response targeting the immediate financing needs of businesses during the pandemic. CDC's broader partnership with Standard Chartered aims to boost the availability of trade finance in some of Africa and South Asia's poorest countries. This will help to generate up to $1 billion of additional trade, supporting job creation, boosting exports and enabling regional economic growth.

CDC sets parameters, including exclusions, for the use of its funds and has not made sector estimates for the use of funds for this investment. In line with CDC's objective to reach net zero in 2050 and support countries' net zero trajectories, CDC no longer support trades in coal and crude oil. To accelerate the transition, CDC is exploring innovative solutions to support more green activities.

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