Finance
Plan to throttle foreign fossil fuel finance collapses at OECD, Bloomberg reports
Published by Global Banking & Finance Review®
Posted on December 23, 2024
1 min readLast updated: January 27, 2026
Global Banking & Finance Review®
Company
Published by Global Banking & Finance Review®
Posted on December 23, 2024
1 min readLast updated: January 27, 2026
The OECD's plan to limit foreign fossil fuel finance collapses, impacting global oil and gas project funding. Negotiations will continue into January.
(Reuters) - A plan discussed by wealthy nations to throttle tens of billions of dollars in public support for oil and gas projects have broken down without an agreement, Bloomberg News reported on Monday.
The EU, UK, the United States and other countries had sought the deal to limit export-credit agency finance for global fossil-fuel projects under the umbrella of the Organization for Economic Co-operation and Development (OECD), the report said.
The OECD did not immediately respond to a Reuters' request for comment.
While improving transparency in export financing remains a target, the likelihood of a broader deal to curb support for hydrocarbon projects is now remote, Bloomberg said citing unnamed senior U.S. officials.
Negotiators are planning to continue trading messages until early January, at least, the report added citing one of the officials.
(Reporting by Rhea Rose Abraham in Bengaluru; Editing by Tomasz Janowski)
The main topic is the collapse of the OECD's plan to limit foreign fossil fuel finance.
The plan collapsed due to a lack of agreement among wealthy nations including the EU, UK, and US.
Negotiators plan to continue discussions and trade messages until early January.
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