Trade: Greener export credit rules approved

OECD countries have agreed new rules to strengthen current environmental and social due diligence processes when providing export credits and to create financially prudent incentives to support business projects with low CO2 emissions. The second agreement also aims to encourage support for advanced climate-friendly technologies such as carbon capture and storage. The first agreement is an OECD Recommendation that broadens and enhances the provisions for addressing environmental and social issues relating to the export of capital goods and services qualifying for official export credits. This agreement updates and improves a 2007 Recommendation. The new Recommendation provides clarity to existing disciplines and aims to promote international coherence. It reflects recent developments in the fields of environmental, social and governance due diligence, such as measuring greenhouse gas emissions and addressing project-related human rights impacts, in reviews of environmentally and socially sensitive projects. See full Press Release.