Britain has provided more than a billion pounds in support for fossil fuel projects abroad in the last year via the UK Export Finance (UKEF) government department and credit agency, which operates alongside the Department for International Trade, the latest accounts show.
According to UKEF’s annual report published on 18 July, half of all projects that received export credits during the 2016-17 financial year are related to the fossil fuel industry – from oil and gas exploration, infrastructure, petrochemical complexes, and coal mining.
Over the last year UKEF has provided a total £3 billion in support to UK companies exporting products and services overseas. Of the 16 different projects around the world that received export credits, eight of these are tied to the fossil fuel industry and are worth a total £1.06bn. Others include investments in the aerospace sector and a water treatment plant in Iraq.