ECA's promotes export in developing countries which contribute to long term green house emission.
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On November 29, the European Parliament overwhelmingly passed a resolution on trade and climate change calling for the “discontinuation of public support, via export credit agencies and public investment banks, for fossil fuel projects.” The resolution asks EU governments to propose legislative mechanisms that would force export credit agencies and the European Investment Bank to “take account of the climate change implications of the funded projects” and to “impose a moratorium on funding until sufficient data are available.”
The resolution also calls on financiers to work harder to transfer public funds to renewable energy and energy efficient technologies. This move was applauded by civil society organizations who argue that government leadership is needed to hold finance and trade agencies accountable for ignoring the effects their activities have on the climate.
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