19th Report - UK Export Finance
- HC No.
- HC 1804
- Published
- 10 Jun 2019
- Items
- 0
- Government response
- Government response published 31 October 2019. Read the government's response ↗
Select committee: Environmental Audit Committee
UK Export Finance inquiry
Closed
Opened 23 Nov 2018
Closed 23 Nov 2018
Environmental Audit Committee Inquiry on parliament.uk ↗
Inquiry scope (the committee's words)
The Environmental Audit Committee investigates the scale and impact of UK Export Finance’s financing of fossil fuels in developing countries. The inquiry examines this in light of the UK’s Clean Growth Strategy, which aims to grow national income while cutting greenhouse gas emissions. It will look at possible alternatives to fossil fuel investment and fossil fuel subsidies, and at the UK Government’s plans to respond to a growing consumption of energy in developing nations.
Where it stands
The inquiry is closed, opened 23 November 2018.
The committee has published 1 report, most recently 19th Report - UK Export Finance on 10 June 2019.
The government's response
Published 31 October 2019.
Summary written by Accountability Index from the government's response. It is not the government's own words.The government's response describes UK Export Finance (UKEF) work on climate-related risk and disclosure, while it disagrees with ending support for new fossil fuel projects by the end of 2021 and does not agree to ringfencing returned funds.
- On ending fossil fuel support by the end of 2021, it states this "would not achieve an effective or 'just' transition for UK workers" and "would be too rapid" for the UK's oil and gas industry.
- It does not agree to ringfence at least 20% of money returned by UKEF, saying hypothecating income "would restrict our ability to respond flexibly to changing priorities".
- From financial year 2020-21, UKEF will additionally disclose environmental and social risk information, including greenhouse gas emissions, for Category B projects it is asked to support.
- On climate disclosures, UKEF will make them in its accounts in line with the Taskforce on Climate-related Financial Disclosures (TCFD) recommendations "as soon as practicable following the close of the 2020/21 financial year".
Reports
- 19th Report - UK Export Finance10 June 2019
Evidence
- 4 oral evidence sessionsLatest 26 March 2019
Recent activity
- 3rd Special Report - UK Export Finance: Government Response to the Committee’s Nineteenth Report of Session 2017–1931 October 2019, Report published
- Correspondence from the Rt Hon Elizabeth Truss MP, Secretary of State for International Trade & President of the Board of Trade, to the Chair, regarding the UK Export Finance inquiry, 15 August 20199 September 2019, Correspondence
- 19th Report - UK Export Finance10 June 2019, Report published
Reports
Oral evidence sessions
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Correspondence
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