The UK and EU will seek to motivate the world’s wealthiest countries in the OECD to end fossil fuel subsidies for foreign operations at a closed-door OECD’s Annual Forum in early November, according to Financial Times. The outcome of the meeting held last week has not yet been made public. The OECD is a group of 36 primarily wealthy developed countries, including the UK, US, EU countries, Japan, Australia and Canada who collectively set their own standards regarding key global issues such as tax, trade and the environment. According to Climate Home News, export Credit Agencies in the OECD provide more international public finance for fossil fuels than any other type of public finance institution, such as the World Bank. The amount of fossil fuel finance they provide is five times what they spend on renewable energy projects each year.
