Source · Select Committees · International Development Committee
Recommendation 66
66
We also heard concerns about CDC’s level of transparency in its reporting.
Conclusion
We also heard concerns about CDC’s level of transparency in its reporting. Dario Kenner told us that although the level of information provided on CDC’s website had improved “a great deal”, third parties sought more disclosure of data especially in the area of CDC’s work with financial institutions and intermediaries.143 Mr Kenner told us that: It is important where CDC money is still invested because it could be undermining that same transition that CDC could play a role in being part of. It really matters what is happening with all of the portfolio, not just what is happening in the future.144
Government Response
Not Addressed
HM Government
Not Addressed
At COP26, the UK launched the Energy Transition Council, with over 20 governments and over 15 international institutions participating, to support countries’ transitions to clean power. The Council’s Rapid Response Facility is mobilising technical assistance for 20 countries. The UK’s COP Presidency energy transition campaign has focused on accelerating the global transition from coal to clean power by: • Growing the coalition of countries, sub-national governments and businesses committed to phasing out unabated coal power, building on the Powering Past Coal Alliance; • Ending international coal finance, with recent commitments from the G20, including South Korea, Japan, and China; • Strengthening the international offer of finance and assistance for clean power so that it is the most attractive option for new power generation; • Establishing a new financial framework to accelerate the just transition from coal in major coal economies like South Africa and India; • Driving ambition on product energy efficiency standards by doubling the efficiency of four key products sold globally by 2030. This will also help to meet Sustainable Development Goal 7 to ‘ensure access to affordable, reliable and modern energy for all by 2030’. The UK Government no longer supports the extraction, production, transportation and refining of crude oil, natural gas, or thermal coal overseas, with very limited exemptions to the policy that will be granted only in limited circumstances. The exemptions are applicable to a small number of situations and are necessary to make this policy work in the real world and allow an orderly transition away from fossil fuels. They reflect the current state of renewable technologies and markets, ensure that neither taxpayers nor developing countries are disadvantaged and, most importantly, are in line with achieving the Paris temperature goals and Nationally Determined Contributions (NDC). Projects are considered on a case-by-case basis, with the exemptions being monitored by an internal cross Whitehall governance group to ensure compliance and relevance with the UK’s fossil fuel policy.