Working party sets deadline for ‘greening’ export credit guarantees

A common approach to screening applications for export credit guarantees will be completed "before the end of 2001", according to the Export Credit Working Party of the Organisation for Economic Co-operation and Development (OECD).

Several nations’ export credit guarantee agencies have come under fire in recent years for secrecy and for underwriting projects with significant negative environmental impacts. Last year, Friends of the Earth UK named the Export Credit Guarantee Department the least ‘green’ branch of the UK Government (see related story).

Although the OECD Export Credit Working Party says that it will “exchange views on an informal basis with appropriate stakeholders” as it forms a common environmental approach to export credit screening, there will be no formal consultation process. Once the common approach has been completed, it “will be publicly disseminated”.

The OECD Export Credit Working Party has agreed to hold special sessions in order to meet its deadline.

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