Britain must stop financing fossil fuel projects

Vastavam web: Britain must stop financing fossil fuel projects abroad by 2021 as it undermines the nation’s efforts to combat climate change, a report by lawmakers said on Monday. The report, which targets financial support provided by the UK Export Finance agency, was published as Britain debates plans to set tougher climate goals and move towards a net zero emissions target by 2050.

“The government claims that the UK is a world leader on tackling climate change,” said Mary Creagh, chair of the Environment Audit Committee, commenting on the report published by the committee.

In five years from April 2013, UKEF allocated 96% of its energy sector support, or 2.5 billion pounds ($3.2 billion), to support fossil fuel projects, the report said. The report said this was incompatible with Britain’s efforts to reduce greenhouse gases and also carried risks for taxpayers. Companies could be left with stranded assets as tougher emission reduction targets discourage fossil fuel use and as renewable energy becomes cheaper.