Plan to throttle foreign fossil fuel finance collapses at OECD, Bloomberg reports

(Reuters) - A plan discussed by wealthy nations to throttle tens of billions of dollars in public support for oil and gas projects have broken down without an agreement, Bloomberg News reported on Monday.

The EU, UK, the United States and other countries had sought the deal to limit export-credit agency finance for global fossil-fuel projects under the umbrella of the Organization for Economic Co-operation and Development (OECD), the report said.

The OECD did not immediately respond to a Reuters' request for comment.



While improving transparency in export financing remains a target, the likelihood of a broader deal to curb support for hydrocarbon projects is now remote, Bloomberg said citing unnamed senior U.S. officials.

Negotiators are planning to continue trading messages until early January, at least, the report added citing one of the officials.

Source: Investing.com