Considerations on COM(2022)455 - EU position to expand the scope of arrangements on Officially Supported Export Credits for Renewable Energy, Climate Change Mitigation and Adaptation and Water Projects

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dossier COM(2022)455 - EU position to expand the scope of arrangements on Officially Supported Export Credits for Renewable Energy, Climate Change ...
document COM(2022)455 EN
date July 14, 2023
 
(1) The Sector Understanding on Export Credits for Renewable Energy, Climate Change Mitigation and Adaptation and Water Projects (‘Climate Change Sector Understanding’), which is part of the Arrangement on Officially Supported Export Credits (‘Arrangement’) and forms Annex IV of the Arrangement, has been transposed, and hence been made legally binding in the European Union by Regulation (EU) No 1233/2011 of the European Parliament and of the Council of 16 November 2011 on the application of certain guidelines in the field of officially supported export credits and repealing Council Decisions 2001/76/EC and 2001/77/EC.. 4  

(2) The Participants to the Arrangement (‘Participants’) are to decide on expanding the scope of application of the Climate Change Sector Understanding to include exports from industry sectors not currently covered by its terms.

(3) It is appropriate to establish the position to be taken on the Union's behalf, because the decision to be taken by the Participants to the Arrangement to amend the the Climate Change Sector Understanding will have legal effects in the Union. 

(4) The proposed amendment of the Climate Change Sector Understanding would allow exports meeting the applicable criteria from a broader range of industry sectors to benefit from the terms and conditions established under it. This would in turn enable export credit agencies from the European Union and other Participants to play a greater role in supporting the green transition and to contribute to the achievement of the objectives of the Paris Agreement. The broader coverage of the Climate Change Sector Understanding would boost EU businesses in future-oriented sectors with strong potential to promote economic growth and jobs in the Union.