UK Export Finance and Government support for fossil fuels.
On the 12th of December 2020, the UK Government announced its intention to end direct support for the fossil fuel energy sector overseas, and its intention to consult industry.
OEUK opposed this significant change in UK Government policy, which could undermine the UK’s oil and gas industry and its energy supply chain internationally and nationally.
OEUK consulted members through the Government Relations Working Group, the SME Forum and Joint Council. Based on their feedback our key requests to Government were:
- Sustained UK government overseas backing (funding and promotion) for all activities carried out in support of emissions reductions across the full decarbonisation spectrum.
- An opportunity to work with the Government to clearly define the extent and practical application of any changes to this policy in a way that can enhance the UK’s net zero leadership ambitions.
- That all businesses, particularly SMEs, be given appropriate time to adapt to any shift in policy.