EU and OECD partners commit to further transparency on export finance in the energy sector

The EU’s commitment is part of its continued efforts to advance transparency, accountability, and informed policymaking in support of the global energy transition.

Together with Australia, Norway, Switzerland, and the UK, the EU agreed that: “We intend to be transparent on the officially supported export credits we provide to transactions in the energy sector. This sector is vital for all economies and public export credits play an important role worldwide, by creating access to reliable, affordable and sustainable energy. We have therefore requested the Export Finance for Future (E3F) coalition to report on all our related transactions within the scope of the Arrangement on Export Credits, with a breakdown by type of energy.”

The E3F report accompanying this statement lays out all relevant transactions notified to the OECD secretariat between 2015 and 2024 and shows a clear phase down of fossil fuel support, with in parallel a huge scale-up of renewable energy financing. Transactions are broken down by year, recipient country and energy sector. The intention is to report annually from now on. 

Background

The EU participates in the OECD-hosted Arrangement on Officially Supported Export Credits, which seeks to foster a level playing field for this type of government-provided financial instrument. Climate-related provisions within the Arrangement have been expanding since 2015, creating financial incentives for climate-friendly export credits and banning the financing of coal-fired power plants.

Launched in 2021, the E3F is a coalition of Export Credit Agencies is committed to aligning their export finance policies with climate objectives by increasing support for sustainable projects, phasing out public finance for unabated fossil fuels, and publishing an annual transparency report on their export-finance transactions.

In 2024, the EU proposed to create a “coalition of the willing” transparency exercise for the voluntary disclosure of energy-related transactions. The EU will continue to engage with other participants to seek a consensus regarding transparency on not only on climate friendly but also on fossil fuel export credit projects. 

For more information

Export Finance for Future (E3F) Report

OECD Arrangement on Export Credits