- After two years of intense negotiations, the agreement represents a first important step towards aligning export credit policies with climate change objectives to achieve lower emissions, Pekka Karkovirta, vice president for international relations in Finland’s export credit agency Finnvera and Chairman of the Participants to the Arrangement said in the press release.

The new agreement negotiated at the OECD this week encourages both exporters and buyers of coal-fired power plants to move away from low-efficiency towards high-efficiency technologies. The agreement removes support for large super and sub-critical coal-fired power plants, while allowing support for smaller sub-critical plants in poorer, developing countries. It also allows support for up to medium-size super-critical plants in countries facing energy poverty challenges. Restrictions on support will not apply to any plants equipped with operational carbon capture and storage, as provided under the existing climate sector understanding.

The agreement will be put into force 1 January 2017 and will be evaluated by 30 June 2019. The purpose is to revise and further restrictions to official export financing of coal-fired power plants.

In Norway, official export guarantees and loans are provided through GIEK and Export Credit Norway.

For more details see OECD's press release

You can also learn more about how GIEK works with the OECD here.