Local view for "http://purl.org/linkedpolitics/eu/plenary/2011-09-13-Speech-2-394-000"
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"en.20110913.34.2-394-000"2
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"Most industrialised countries, including all EU Member States and most emerging countries, have at least one officially supported Export Credit Agency (ECA), which is usually an official or quasi-official branch of their government. ECAs collectively account for the world’s largest source of official financing for private sector projects. ECAs underwrite large industrial and infrastructure projects in developing countries. ECAs facilitate legitimate trade where the private capital market fails. They have a much higher risk-absorbing capacity than private actors, since they do not have to pay taxes and make profit. However, ECAs are estimated to support twice the amount of oil, gas and mining projects as do all Multilateral Development Banks together. Half of all CO
emission-intensive industrial projects in developing countries have some form of ECA support.
Partly, this is because most of these projects are high risk due to their environmental, political, social and cultural impacts, and would not come to life without the support and financial backing of ECAs. Hence, ECAs are strategic development linchpins that play an enormous part in the environmentally harmful impacts of corporate activity. As government-backed institutions, ECAs should and could instead play an important role in promoting the transition to a low carbon economy in coherence with their national government climate commitments."@en1
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"2"1
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