The Netherlands provides export credit insurances and guarantees worth 1.5 billion euros annually to Dutch companies active in the oil and gas sector abroad. This support amounts to one and a half times the annual amount that the Cabinet of Prime Minister Rutte mobilises for climate initiatives worldwide. The intended effects of Dutch international climate policy are more than offset by this fossil export support. That is the conclusion of a new report from Both ENDS which is published today.

Export support – and especially that to fossil projects – has been in the spotlights quite often recently. This is a positive development, because the Netherlands alone provides fossil export support worth 1.5 billion euros per year. At the climate summit in Glasgow, the United Kingdom launched a statement promising to stop providing export support to fossil projects by the end of 2022. After having denied at first, the Netherlands decided to join the statement after all – ​​which now has already been signed by nearly forty countries and financial institutions.

In this short video, Niels Hazekamp of Both ENDS talks about how the Netherlands stimulates projects related to the fossil sector abroad through its export credit agency (ECA) Atradius DSB. The ECA provides export credit insurance for very large-scale and high-risk activities abroad. About two thirds of this export support (worth around 1.5 billion euros per year) is going to the fossil fuel sector. Absurd, at a time when the whole world has to make the transition to sustainable energy. Our country should not support the fossil, but the renewable energy sector with such guarantees, and grab that chance of 1.5 billion!

On Wednesday, April 14, seven countries, including the Netherlands, launched an initiative called Export Finance for Future (E3F), in which they set a number of ambitions with regard to phasing out export support for the fossil sector. Many NGOs worldwide, including Both ENDS in the Netherlands, have been calling for such an initiative in recent years and we are therefore pleased with this step. However, to achieve results and contribute to the Paris climate goals, countries will have to commit to much more ambitious goals than those now set. Concerned civil society organizations, including Both ENDS, therefore prepared a statement detailing the weaknesses they felt in the policy proposed by E3F, supplemented with recommendations for improvements.

In 2017 Both ENDS stepped up its efforts to stop the Dutch government from supporting the fossil fuel industry. Phasing out fossil fuels is key to achieving the goals set in the Paris Climate Agreement. To Both ENDS, there is another reason: fossil fuel-related projects often have disastrous effects for the poorest people in the Global South.

Today, 122 civil society groups are releasing letters to eleven government signatories to the Glasgow Statement on International Public Support for the Clean Energy Transition, laying out the actions they must take as soon as possible to meet their commitment. In this joint statement at COP26, 35 countries and 5 public finance institutions committed to end their international public finance for 'unabated' fossil fuels by the end of 2022, and instead prioritise their "support fully towards the clean energy transition."

Since the signing of the Paris Climate Agreement, rich countries have provided almost 50 times as much export support for fossil fuel related projects as for clean energy projects in four African countries. This is the conclusion of a report written by five environmental organisations from Ghana, Nigeria, Togo and Uganda, in cooperation with Friends of the Earth Netherlands and Both ENDS. The rich countries insured energy projects with a total value of 11 billion US dollars through their export credit agencies (ECAs). More than half of this export support is related to fossil fuels. Only 1% went to sustainable renewable energy.

Today, the Netherlands announced that it will join a leading group of countries, including the United States, Canada and Italy, which declared that they would stop international support for fossil energy projects. At the day of the launch of the declaration at the climate summit in Glasgow on the 4th of November, the Netherlands had no intention of joining, but because of pressure from civil society and political parties, the responsible ministries decided to sign after all. Both ENDS, together with organizations at home and abroad, has been pushing for this for years, and we are very happy with this step. We will of course continue to monitor developments.

Every 10 years, the mandate and activities of 'Export Development Canada' (EDC), the Canadian export credit agency, are reviewed. Since the last review took place in 2008, another review is currently underway.  Both ENDS and a couple of other CSOs working from a number of countries made a joint submission as formal input to the legislative review. We did this especially in light of the Canadian governments' ambition to show leadership on climate change and to prioritise climate change action and clean economic growth.

Yesterday,  the French President Macron, the President of the World Bank Group, Jim Yong Kim, and the Secretary-General of the United Nations, António Guterres, met with international leaders and committed citizens from around the world in Paris. According to the organisers, the aim of this gathering was to 'address the ecological emergency for our planet' as 'two years to the day after the historic Paris Agreement, it is time for concrete action.'

The Hague/San Francisco, Dec 12, 2024 - The updated version of the Financial Exclusions Tracker is released today: financialexclusionstracker.org. The website tracks which companies are being excluded by institutional investors, pension funds and banks due to human rights, public health and sustainability issues. The most common reasons for exclusion are links to fossil fuels, weapons or tobacco. 

The Financial Exclusions Tracker is an initiative from an international coalition of NGOs striving for more transparency and information disclosure.