- dailynews.co.za - News - 14/Jan 12:43

Wealthy nations fail to agree curbs on fossil fuel finance

Wealthy nations have failed to reach an agreement on curbing public finance for fossil fuel projects, the Organisation for Economic Co-operation and Development (OECD) said on Tuesday, days before climate-sceptic US President-elect Donald Trump takes office.Britain, Canada and the European Union supported plans to restrict support from export credit agencies to the oil and gas industry, but it was opposed by the United States."Despite many months of negotiations and hard work, the Participants to the OECD Arrangement were unable to reach an agreement to further restrict the provision of support for fossil-fuel related projects," the Paris-based organisation said in a statement.The discussions had started in 2023 under the auspices of the Organisation for Economic Co-operation and Development, a 38-member group of mostly developed nations.Climate campaigners say credit export agencies are the biggest source of public finance for the fossil fuel industry, undermining efforts to curb global warming."This issue may be revisited in the future," the OECD said."In the meantime, any participant that wishes to do so is free to join those who have already voluntarily adopted more restrictive terms and conditions for such transactions."US climate change policies are expected to shift drastically under Trump, who takes office on Monday.Climate campaigners fear Trump could again pull the United States, out of the landmark 2015 Paris Agreement on combatting carbon emissions, as he did during his first term.The US is the world's second-biggest emitter of greenhouse gases in volume.The incoming US president has tapped fracking magnate and climate change sceptic Chris Wright to be his energy secretary.AFP