UK government still considers support for fossil fuels overseas despite hosting COP26
20 November 2020
This week, in response to parliamentary questions put forward by Preet Gill MP and Dan Carden MP, the government admitted that UK Export Finance (UKEF) - a government department - is still considering requests for financial support for seven projects involving fossil fuels which may be agreed next year.
This statement adds to the scandal that UKEF has already given billions of pounds of support to fossil fuel overseas in the last decade. Latest figures show the UK government has spent around £3.9 billion supporting fossil fuel projects overseas since the Paris Agreement in 2015.
Given that the UK hosts next year’s COP26 climate talks in Glasgow, it’s extremely concerning that the government continues to fund fossil fuels overseas and thereby is failing to get its climate leadership on track in time for COP26.
Jobs and renewable energy
The Prime Minister missed the opportunity to commit to ending financial support for overseas fossil fuel in his 10 Point Plan, announced this week, to get the UK on the right path for net zero.
The government should re-direct this funding to support a shift to renewable energy at home and overseas. We know this has the potential to create decent jobs in the UK and abroad and increase the chance of meeting the Sustainable Development Goals by 2030.
CAFOD's petition to end fossil fuel overseas has been signed by thousands of supporters all across the country. Ongoing investment in fossil fuel projects undermines the global efforts to tackle climate change, and hugely damages the UK's climate credentials.