Australia’s export credit agency under pressure following rising support for fossil fuels



John Basquill | Global Trade Review

Researchers have hit out at Australia’s export credit agency for providing billions of dollars in financing to the country’s vast fossil fuels industry, with support on an upwards trajectory since 2017.

Jubilee Australia, a research and advocacy group focused on sustainability and extractive industries, says Export Finance Australia (EFA) provided as much as A$1.7bn in financing to coal, oil and gas projects between 2009 and 2020. Over the same period, it pledged just A$20mn towards renewables.

It adds that EFA financing for fossil fuels is on an upwards trajectory, rising from A$1mn in 2016/17 to A$192mn in 2019/20. The rise is partly attributed to the agency’s refinancing of loans to Japan’s Inpex in support of a major LNG project off the coast of Western Australia.

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