Talks on a plan by wealthy nations to throttle tens of billions of dollars in public support for oil and gas projects have broken down without agreement, weeks before President-elect Donald Trump takes office. The EU, UK, US 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, a group of market-based economies.
While improving transparency in export financing remains a target, the likelihood of a broader deal to curb support for hydrocarbon projects is now remote, said senior US officials, who asked to speak anonymously as the deliberations are private. The failure is a blow for climate activists, who saw the proposed finance curbs as a critical way to free up funding for emission-free energy projects around the globe. Where the US under departing President Joe Biden had rallied behind additional restrictions, these are unlikely to win support under Trump, who has campaigned on promises to unleash American oil and gas development and is pushing allies to buy more US energy. “Transparency measures are not good enough,” said Adam McGibbon, a campaign strategist at the Oil Change International advocacy group. “We cannot afford another penny for fossil fuel expansion if we want to preserve a liveable planet.” Although the EU advanced a plan last year, talks only began in earnest on a new, US-proffered compromise approach in November, after Trump won the presidential election. The negotiations had previously stalled for months because of concerns from the US Export-Import Bank, an independent agency whose charter prohibits denying financing against any particular industry, sector or business. During a meeting in Paris in November, the US proposed incorporating a technology-neutral, emissions-based threshold for financing that was seen as compatible with the charte
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