Credendo – Export Credit Agency ends support for unabated coal-fired electricity generation plants

Anticipating a new agreement at OECD level, Credendo – Export Credit Agency adopted a formal policy in August, to no longer provide cover for exports of new unabated coal-fired electricity generation plants, or parts of such plants, from 2022 onwards.

In the meantime, we have accelerated this commitment, in line with the decision of the participants to the Arrangement on Officially Supported Export Credits¹ , to stop, as of 1 November 2021, support for:

• new coal‑fired power plants (or parts of such plants) without operational carbon capture, utilisation and storage (CCUS) facilities; and
• supply of equipment to existing coal-fired power plants, unless the purpose of the equipment supplied is air pollution abatement, water pollution abatement, or CO2 emissions abatement and such equipment does not extend the useful lifetime or the capacity of the plant, or unless it is for retrofitting to install CCUS.

This is an important step on Credendo – Export Credit Agency’s energy transition path and towards phasing out support for unabated fossil fuel-related transactions. We are closely following up on the international commitments made by the Belgian Government and on initiatives taken in this field by relevant international organisations.

Credendo – Export Credit Agency is working on increasing its support for the development of sustainable export projects in the energy transition sector and all other sectors of the economy. More information on this will be provided very soon.

1 https://www.oecd.org/newsroom/agreement-reached-at-oecd-to-end-export-credit-support-for-unabated-coal-fired-power-plants.html