Liquefied natural gas (LNG) carriers under construction at the Daewoo Shipbuilding and Marine Engineering facility in South Korea in 2018. Korea is the second largest fossil financier, due in part to its large shipbuilding industry that transports LNG around the world.
A deal on ending public financing for foreign fossil fuel projects — which Canada co-led on the world stage — has died in the face of key holdout countries and the incoming administration of U.S. president-elect Donald Trump.Liquefied natural gas carriers under construction at the Daewoo Shipbuilding and Marine Engineering facility in South Korea in 2018. South Korea was one of the holdout countries on a Canada-led deal to end public financing for foreign fossil fuel projects.
At the OECD, unanimous agreement is required to get any deal done. Aside from the delayed U.S. support, the other countries holding out were Turkey and South Korea, over energy security and economic concerns. Nina Pušić, senior export finance climate strategist at Oil Change International, an advocacy group closely following these talks, said it's "a huge missed opportunity for the climate."
In Canada that agency is Export Development Canada , which provides financing, bond and insurance products to projects abroad that involve Canadian businesses, with the goal of encouraging trade between Canada and other countries. "That's why they provide such an important kind of role in this ecosystem of propping up the fossil fuel industry."
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