Bright Blue, the independent think tank for liberal conservatism, responds to the Prime Minister’s announcement that the UK will end taxpayer support for fossil fuel projects overseas.
Responding, Andrew Leming, Researcher at Bright Blue, said:
“This is a major victory for the climate, with immediate implications for low- and middle-income countries’ transition to renewables.
“But it is important to remember that the battle to shift the financing and practices of export credit agencies (ECAs) to support deep decarbonisation remains to be won. There must now be stronger action on mainstreaming renewable energy exports, climate-risk transparency, and accounting for all emissions
“The UK has taken a crucial step with this phase out at UK Export Finance, one that will hopefully be emulated by ECAs globally. But Bright Blue will maintain pressure on UKEF to adopt the reforms for providing further climate leadership in support of full Paris alignment at public banks.”
Bright Blue called for the UK to end such support in September.
