PARIS: Wealthy nations have failed to reach an agreement on curbing public finance for fossil fuel projects, the OECD said on Tuesday, days before climate-sceptic US President-elect Donald Trump takes office.
Britain, Canada and the European Union supported plans to restrict support from export credit agencies to the oil and gas industry, but it was opposed by the United States.
“Despite many months of negotiations and hard work, the Participants to the OECD Arrangement were unable to reach an agreement to further restrict the provision of support for fossil-fuel related projects,” the Paris-based organisation said in a statement.
The discussions had started in 2023 under the auspices of the Organisation for Economic Co-operation and Development, a 38-member group of mostly developed nations.
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