Select committee: Environmental Audit Committee
19th Report - UK Export Finance
HC 1804
Published 10 June 2019
Environmental Audit Committee UK Export Finance inquiry Report on parliament.uk ↗
At a glanceGovernment response published 31 October 2019
The government's response
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".
What the committee recommended
No recommendations or conclusions have been extracted from this report. This is normal for correspondence and for special reports.
Sources
- 19th Report - UK Export Finance ↗The committee's report, HC 1804, parliament.uk
- 3rd Special Report - UK Export Finance: Government Response to the Committee’s Nineteenth Report of Session 2017–19 ↗The government's response, 31 October 2019, parliament.uk