Lenders of last resort? Australia poised to use public money to help coal, oil and gas as private lenders flee
Release Date: 06 Jul 2021
A new report by Jubilee Australia has found that Australia’s export credit agency has given around 80 times more financing to fossil fuels than it is to renewables. And that trend could continue, as Trade Minister Tehan on 24 June announced forthcoming changes to legislation which could give EFA even more ways to finance fossil fuel projects. Between 2009 and 2020, Export Finance Australia (EFA) provided financing of up to $1.69 billion to coal, oil and gas but only $20 million to renewables.
Release Date: 12 May 2021
The Barossa Project is a new large scale and high risk gas project that will draw gas from an offshore field located in pristine marine waters 100km north of the Tiwi Islands. Jubilee Australia spoke at a webinar, organised by Environment Centre NT, on the role of export credit agencies in financing this project and what civil society is doing to oppose this.
Export credit agencies and states potentially at risk of climate litigation over finance for fossil fuels
Release Date: 04 May 2021
Export credit agencies (ECAs) – and the governments that oversee them – could be in violation of their international legal obligations if they do not take action to reduce their financing of fossil fuel-related activities imminently. That is the main conclusion of a new legal opinion published today, two days before ministers gather at the Petersberg Climate Dialogue. The opinion, which was commissioned by Oil Change International, for the first time lays out the international law obligations of ECAs that are responsible for tens of billions of dollars per year in support for fossil fuels.
Release Date: 22 Apr 2021
A group of Australian Civil Society (CSOs) sent an open letter to Minister Dan Tehan yesterday, calling for Australia to join governments worldwide who are moving away from using export finance to fund fossil fuel projects.
Public Statement by CSOs on the Launch of the Export Finance for Future: Export Finance Leadership Coalition Fails to Lead
Release Date: 16 Apr 2021
On 14 April 2021, governments from Europe and the UK launched the Export Finance for Future (E3F) coalition. We, the undersigned civil society organisations from around the world, welcome this as a step in the right direction. Nonetheless, we urge these self-proclaimed leaders to show a higher level of ambition. The principles committed to by this coalition fail to adequately address export finance for fossil fuels and, as such, fail to address the urgency of the climate crisis.
Release Date: 14 Feb 2019
Yesterday the Government introduced a bill to amend Efic. If approved, Efic would change its name to Export Finance Australia and take responsibility for a $1 billion fund with the objective of supporting infrastructure in the region. Worryingly, lending money through this mechanism could only occur if the infrastructure project would result in an “Australian benefit”. This would be a dramatic change.