UK’s export support agency stops investing in new fossil fuel projects

Environmental campaigners have cautiously welcomed a move by the UK’s export finance agency to stop making new investments in fossil fuels overseas.

UK Export Finance has in the past been criticised for providing funds for British businesses exploiting oil and gas abroad – effectively subsidising fossil fuels and driving climate change.

But the government agency says from this year it is not providing any new support to new fossil fuel projects for the first time.