Figures have shown that the government’s export credit agency has spent over 300 times as much supporting the fossil fuel industry than its has clean energy projects despite pledging to champion British companies that develop and export green technologies.
The figures, obtained by the Guardian through a freedom of information request, show that UK Export Finance allocated £1.13 billion to help fossil fuel firms over the course of the coalition being in parliament. The figure is more than 300 times the £3.6 million used to support green energy projects.
Previous analysis by Greenpeace found that the total support for fossil fuel industries between 2010 and 2014 amounted to £1.76 billion-worth of Export Credit Guarantees, which is underwritten by taxpayer’s money. The 2013/14 financial year in particular saw the government supporting fossil fuels, with over £1 billion loaned in those 12 months alone.
The figures come after a 2010 coalition agreement pledged to focus on cleaner energy sources. It states, “We will ensure that UK Trade and Investment and the Export Credit Guarantee Department become champions for British companies that develop and export innovative and green technologies, instead of supporting investment in dirty fossil fuel energy production.”
UKEF have argued that the finance provided reflects market demand but that the organisation does support renewable and green technologies.
Responding to the latest figures, Lawrence Carter, Greenpeace UK climate and energy campaigner, told the Guardian, “The coalition government promised to use export subsides to promote clean energy. Instead ministers have been acting like merchant bankers for the fossil fuel industry, wasting taxpayers’ money on Russian coal mining and Saudi oil industry, whilst leaving only spare change for Britain’s cutting-edge clean technologies.
“With public concern about climate on the rise, ministers will have a hard time explaining to voters why they are being asked to fund the dirtiest industries on the planet whilst short-changing green energy.”
A recent ComRes poll found that almost two-thirds of Brits are concerned about climate change and want political party leaders to take the lead internationally on tackling the issue. Crucially, over a quarter of respondents said they would change which party they intend to vote for in the general election in May if the party did not have a strong policy on tackling climate change.
Photo: Rocky Sun via Flickr
Like our Facebook Page
How to Find an Eco-Friendly Termite Control Service Provider in Malaysia
Eco-Friendly Vegans Win Most Battles Not the War
3 Iconic Chicago Billboards Eco-Friendly Advertisers Can Learn from
EnviroSolar’s Abe Issa Discusses Success in Green Entrepreneurship
How Sports Could Be Impacted by Climate Change
What Eco-Friendly Patients Should Know about Online Therapy
6 Reasons Why Meal Delivery Services are Eco-Friendly
The Path for Retail’s Sustainable Future
4 Eco-Friendly Ways to Treat a Sinus Infection
4 Strategies for Eco-Friendly Real Estate Investors to Find Properties
How Managed Print Services Helps to Reduce Paper Waste
Why Scientists Are Concerned About ‘Forever Chemicals’ In Drinking Water
Meat Farming Is Only Getting Smarter, Easier & Eco-Friendlier
What is Eco-Friendly Homesteading and How Does it Affect Your Insurance?
Importance of Using a Water Purifier in an Area with High Pollution
Alternative Financing Ideas for Green Businesses that Shun Banks
Tencel Material Demand Shows Britain Is More Eco-Friendlier Than Ireland
How To Invest in Clean Energy Stocks in Only Five Easy Steps!
How To Secure Funding As An Eco-Entrepreneur?
4 Amazing Eco-Friendly Businesses Worth Starting in 2021
- Features8 months ago
Seven Health and Safety Tips for Eco-Friendly Products in a Green Home
- Energy9 months ago
Eco-Friendly Homeowners Lower Carbon Footprints through Greater Air Conditioner Efficiency
- Features8 months ago
Essential Guidelines for Eco-friendly Moving into new Home
- Invest10 months ago
The Eco-Friendly Evolution of Bitcoin Over the Years