Export credit agency (ECA) financing for fossil fuels could be illegal under international law and governments are obligated to curtail it, according to a legal opinion commissioned by campaign group Oil Change International. Authored by barrister Kate Cook and Cambridge University law professor Jorge E Viñuales, the 99-page opinion, published today, says principles in areas of international climate change law, human rights law and some Organisation for Economic Cooperation and Development (OECD) instruments require governments to end export financing for fossil fuels. The opinion also argues that such export assistance is inconsistent with the 2015 Paris Agreement on keeping global warming below 1.5 degrees Celsius, a legally binding treaty made by 196 state parties. “Under the Paris Agreement, states have set specific goals and requirements which represent a strengthened response to the urgent threat of climate change,” the opinion says. “That response includes making finance flows consistent with a pathway towards low greenhouse gas emissions and climate resilient development, which entails addressing inconsistent flows, as well as promoting those which are consistent with the stated pathways.” “On the basis of the best available scientific evidence, and taking into account the current emission and production gaps and the associated risk of… continue reading
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Source: CTRM Center