What are ECAs?

Export credit agencies (ECAs) are primarily public entities that provide corporations with government-backed loans, guarantees, credits and insurance, usually to support exports overseas. ECAs are an important source of public finance for the private sector. All member countries of the Organisation for Economic Cooperation and Development (OECD) have at least one ECA.

Find your ECA

A sample of major ECA-supported fossil fuel projects

ECA laggards among G20 countries

Graph showing G20 countries still funding fossil fuels

Countries ending ECA support for fossil fuels

UK flag

As of March 2021 the UK government has put an end to virtually all new public financial support for the fossil fuel sector overseas, including support through its export credit agency, UKEF.

Swedish flag

In 2019 Sweden committed to ending all export financing for fossil fuel exploration and extraction delivered through its ECAs EKN and SEK by 2022.

Danish flag

In 2020 Denmark’s EKF adopted restrictions for coal support. Though Denmark has not committed to ending EKF’s support for oil and gas, the agency’s last known support to an oil project was allocated in 2018.

USA flag

In January 2021 the US government pledged to develop “a plan for ending international financing of fossil fuel projects with public money,” including export finance. Nonetheless, there are still no concrete restrictions on US EXIM’s support for fossil fuels.

ECAs are shrouded in secrecy

Governments publicly disclose very little — if any — information about the oil, gas and coal projects they support through ECAs. While many ECAs adhere to the OECD’s due diligence and transparency recommendations, these guidelines are weak, voluntary and largely ineffective. Only three ECAs have committed to adopting the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

This means governments are funneling taxpayer money to the fossil fuel industry without telling the public much about it. Without detailed and timely disclosure, the public is unable to accurately assess the full extent of ECAs' support for fossil fuels.

magnifying glass illustration

Call on your government to immediately end all ECA support for fossil fuels

Campaign resources and updates

PCR
October 2021

REPORT – Dutch, German and Japanese ECAs are not in line with the Paris Agreement

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October 2021

REPORT – ECAs, COVID-19 and climate: Recommendations to ensure that economic support protects people and the planet

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oil dollars illustration
September 2021

CSOs say newly launched export finance leadership coalition (E3F) fails to lead

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