Export support for dirty energy in Africa
Export finance leadership coalition fails to lead
EGI calls on developed countries to stop support through Export Credit Agencies (ECAs) for fossil fuel developments and large hydro-power dams in Uganda that undermine the paris agreement, aggravate climate change, destroy the environment, heighten human rights violations and leave local communities disenfranchised.
In the report titled “A Just Energy Transition for Africa? Mapping the impacts of ECAs active in the energy sector in Ghana, Nigeria, Togo and Uganda”, it is revealed that rich countries insured energy projects with a total value of 11 billion US dollars and more than half of this export support is related to fossil fuels. Only 1% went to sustainable renewable energy. Export credit agencies provide insurances and guarantees to companies doing business abroad
On 14 April 2021, governments from Europe and the UK launched the Export Finance for Future (E3F) coalition. We, the undersigned civil society organisations from around the world, welcome this as a step in the right direction. Nonetheless, we urge these self-proclaimed leaders to show a higher level of ambition. The principles committed to by this coalition fail to adequately address export finance for fossil fuels and, as such, fail to address the urgency of the climate crisis