OECD governments have formally agreed to consider environmental aspects when providing officially supported export credits.
In recent years attention and sensitivity to the issue of environmental protection and socio-economic consequences of projects have considerably increased worldwide. In the past, environmental aspects were already taken into account as part of project risk assessment.
Joint objectives
Now OECD governments have formally agreed to consider environmental aspects when providing officially supported export credits. One objective is to increase environmental awareness also in the recipient countries and to harmonise an environmental review procedure by all ECAs to avoid unfair competition.
Common Approaches on Environment and Officially Supported Export Credits
On 18 December 2003 the OECD Ministerial Council has formally agreed on "Common Approaches on Environment and Officially Supported Export Credits", a recent review has passed the OECD - Council on 12 June 2007.
This concerns all official Export Credit Agencies (ECAs) of OECD countries, which are members of the Export Credit Group OECD.
Level playing field
With the new rule it is guaranteed that all bidders from OECD countries act on a level playing field. Of course business secrets will remain confidential and sovereign rights of the buyer countries will be respected. On the basis mentioned above, OeKB has adapted its environmental assessment procedure.
An overview about the environmental assessment procedures of the individual OECD countries is available on the OECD-homepage.