Considerations on COM(2021)418 - EU position regarding the review of the Sector Understanding on Export Credits for Coal Fired Electricity Generation Projects

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dossier COM(2021)418 - EU position regarding the review of the Sector Understanding on Export Credits for Coal Fired Electricity Generation ...
document COM(2021)418 EN
date October 29, 2021
 
table>(1)The guidelines contained in the Arrangement on Officially Supported Export Credits (the ‘Arrangement’) of the Organisation for Economic Cooperation and Development (‘OECD’), including the Coal-Fired Electricity Generation Sector Understanding (‘CFSU’) contained in Annex VI to the Arrangement, have been transposed and thus been made legally binding in the Union by Regulation (EU) No 1233/2011 of the European Parliament and of the Council (1).
(2)In accordance with the CFSU, the participants to the Arrangement (the ‘Participants’) are to adopt a decision, by written procedure, to review the CFSU with the objective of further strengthening its terms and conditions in order to contribute to the common goal of addressing climate change and to continue phasing-down official support for coal-fired power plants.

(3)The decision to review the CFSU should be in line with the international commitments of the European Union pursuant to the Paris Agreement and the Union’s climate policy.

(4)In its conclusions on Climate and Energy Diplomacy – Delivering on the external dimension of the European Green Dealof 25 January 2021, the Council called for a global phase-out of environmentally harmful fossil-fuel subsidies along a clear timeline and for a resolute and just worldwide transformation towards climate neutrality, including a phasing-out of unabated coal in energy production and, as a first step, an immediate end to all financing of new coal infrastructure in third countries.

(5)It is appropriate to establish the position to be taken on the Union’s behalf regarding the adoption of a decision, by written procedure, by the Participants to review the CFSU, as the decision of the Participants will be binding on the Union and capable of decisively influencing the content of Union law, by virtue of Regulation (EU) No 1233/2011,