Professional Documents
Culture Documents
Paris Proof Export Support
Paris Proof Export Support
2
NOTES
screening after its general due of loans and investments by Dutch 1 http://unfccc.int/paris_agreement/
diligence. This is problematic, as financial institutions can be made more items/9444.php
the main social and environmental transparent. In line with this resolution, 2 The Arrangement on Export Credits
impacts are more likely to occur in the we call on the Dutch government is a "gentlemen's agreement"
region where, for example, an FPSO is and parliament to ensure that export amongst its participants, who
deployed, than in the shipyard where credit support works towards the represent most OECD member
governments. The main purpose
it was built. The due diligence process climate goals laid down in the Paris of the Arrangement is to provide a
by ADSB should therefore also take Agreement by deciding to: negotiated framework for the use of
into account the potential impacts officially supported export credits with
the most generous export credit terms
related to the actual use of the vessel. 1 Publicly report from 2017 onwards
and conditions that may be supported
with clear and understandable by its participants.
This report concludes that Dutch information on all export credit
3 Arrangement Official Export Credits
public export insurances heavily insurances for export transactions that
for Electric Power Generation Projects
support the fossil fuel industry, thus contribute to the fossil fuel sector and (2003-2013), OECD, http://www.oecd.
making investments in the prolonging track the progress of efforts to lower org/officialdocuments/publicdisplaydo
of a fossil fuel-based future financially the volume of these transactions in cumentpdf/?cote=TAD/ECG(2015)10/
FINAL&docLanguage=En
attractive for private companies and ADSBs portfolio. Existing efforts for
banks. This reality stands in stark carbon disclosure and accounting 4 Beleidsdoorlichting
contrast to the commitments made should be combined. The French artikel 5 van begroting IX:
Exportkredietverzekeringen,
under the Paris Agreement. law to introduce mandatory carbon
-garanties en Investeringsverzekering
disclosure requirements for stock (page 51); https://www.rijksoverheid.
While we realise that phasing out exchange-listed companies and carbon nl/binaries/rijksoverheid/documenten/
export credit support for fossil fuel- reporting for institutional investors kamerstukken/2016/10/14/
beleidsdoorlichting-
related transactions will not happen should serve as an example.6 Dutch exportkredietverzekeringen/
overnight, we can no longer postpone Government should ensure that ADSB beleidsdoorlichting-
the discussion on how this phasing out joins the Platform Carbon Accounting exportkredietverzekeringen.pdf
will be designed, implemented and Financials (PCAF)7 and closely monitor 5 https://www.tweedekamer.nl/
enforced. However, at the moment and take account of the work of the kamerstukken/detail?id=2016Z09848&
there are no signals in the public Working Group on Climate Risks, did=2016D20385
domain that the Dutch government under the Platform for Sustainable 6 https://www.unpri.org/download_
considers the use of Dutch public Financing.8 report/14573
funds for the export insurance of
7 https://www.abnamro.com/en/
fossil fuel-related projects to be 2 Set an ambitious date preferably
newsroom/press-releases/2015/
problematic. In light of the urgency 2020 at which all export credit financial-institutions-to-develop-
to combat climate change, this report support is directed towards business yardstick-for-their-climate-impact.html
calls on the Dutch government transactions that contribute to
8 https://www.dnb.nl/over-dnb/
especially the Ministry of Finance low-carbon and climate-resilient samenwerking/platform-voor-
and Dutch parliamentarians development. duurzame-financiering/werkgroepen/
responsible for the functioning and index.jsp
oversight of ADSB to formulate 3 Set an ambitious end date
objectives, policies and a clear preferably 2020 to exclude all export
roadmap towards complete phasing credit support for fossil fuel-related
out of all government support for the transactions.
fossil fuel sector.
4 Start the phase out of export
In a resolution adopted in Dutch credits for fossil fuel-related
parliament in May 2016,5 the Dutch transactions by ending the support
government was asked to make for brand new fossil fuel extraction,
agreements on the question how transportation and processing
financial institutions will contribute infrastructure projects first.
to the Paris goal of 1.5o Celsius. In
addition, the government was called 5 Promote the creation of an
upon to identify measures to support exclusion list for fossil fuel-related
the financial sector in its efforts and to projects (coal, oil and gas) to be
investigate how the climate intensity adopted by all ECAs at the OECD.
3
CONTENTS
Summary 2
Contents 4
Introduction 5
Data used 7
Purpose 8
Type of buyer 10
Results 11
Environmental category 12
Type of buyer 16
Financiers involved 17
Conclusions 19
Recommendations for phasing out export credits to the fossil fuel industry 21
Appendix 1 22
4
NOTES
INTRODUCTION 9 http://unfccc.int/paris_agreement/
items/9485.php
10 http://priceofoil.org/2016/09/22/
The Paris Agreement, which went into effect on the-skys-limit-report/
November 4, 2016,9 defines a clear and immediate 11 https://www.theguardian.com/
challenge to the world to phase out fossil fuels within environment/2016/nov/30/us-fossil-
fuel-investment-obama-climate-
the coming years to prevent global warming of more change-legacy
5
Im Bank projects approved under Public documents of the Dutch countries where projects supported by
Obama were running at full capacity government and ADSB itself show ADSB take place.
during a 15-year period, they would that companies that do business in
produce about the same level of the oil and gas sector are important The policy review indicates that
carbon emissions as the projected CPP customers of ADSB. The Ministry ADSBs support for adaptation to
savings (i.e. 2.5 million Mton CO2). of Finance stated in its 2016 policy climate change is becoming more
review on the Dutch export credit important, particularly since 2014.18
According to OECD statistics, from facility that the majority of oil and This specifically relates to Dutch
2003 to 2013 ECAs insured electric gas risks with debtors are typical for companies substantial expertise in
power projects with more than USD the Dutch export credit insurance the field of coastal protection. The
60 billion under the terms of the portfolio. In terms of obligations, policy review does not reflect on the
Arrangement on Export Credits.12,13 the shipbuilding and contracting extent of support to renewable energy
These statistics provide some industry in particular have a need for transactions in the ADSB portfolio.
indication of likely trends of ECA export credit insurance coverage.
figures for the larger fossil fuel sector. Both sectors supply the oil and gas AIM OF THIS REPORT
Some 62% of the electric power industry above average. Often they do
projects reported on by the OECD are not supply directly to oil companies, The main purpose of this report
fossil fuel-fired, 11% are nuclear and but to companies that provide them is to generate a discussion within
27% are renewable. Since these figures with services. That creates an extra Dutch government and parliament
only apply to transactions covered buffer for the risk. At this time, half of on the role of ADSB in the future
by the terms of the Arrangement, the 80% largest risks (in terms of the development of the fossil fuel industry
the possibility that additional official amount of obligations) in the portfolio and how to achieve alignment
export credits were provided for are related to oil and gas.17 between the policies and regulations
electric power projects in the stated governing ADSBs business and the
period cannot be excluded, but these The policy review and other public goals set out in the Paris Agreement.
figures give an indication of the level sources do not provide sufficiently To that end, the report summarises
of support provided by ECAs for fossil meaningful information on individual the main findings of our research
fuel-related transactions. transactions to understand all details into ADSBs support for the fossil
of the fossil fuel involvement of fuel sector between 2012 and 2015.
THE DUTCH ECA - ATRADIUS Dutch export credit insurance. For It analyses the insured value of such
DUTCH STATE BUSINESS example ADSBs total exposure transactions, defines what kind of fossil
on transactions that contribute to fuel-related projects ADSB insures, in
Export credit insurances for the the fossil fuel sector is not publicly which countries these projects take
account of the Dutch government disclosed. Whether financially risky place and which financial institutions
are provided by Atradius Dutch fossil fuel-related projects are also participate in these transactions. It
State Business (ADSB).14 ADSB is a classified as environmentally and also looks into ADSBs support for
subsidiary of the Atradius Group, a socially risky is not known. No renewable energy projects. Based on
private company specialised in trade specifics are provided as to how ADSB the analyses and discussion on the
credit insurance, surety and debt categorises a project as fossil fuel- concept version of the report in an
collections that is in turn owned by related. Geographical information as international meeting of European and
two Spanish companies.15 The Dutch to where fossil fuel-related projects US-based civil society organisations,
Ministry of Finance coordinates the take place, for example where a ship representatives of Dutch government
governments policies that apply to that is being built will operate, is not and private banking sector, the
ADSB. Although figures vary, the disclosed either. The lack of publicly report provides Dutch policy-
government provides guarantees available information is problematic, makers and parliamentarians with
and insurances yearly for transactions because it prevents local stakeholders recommendations as to how to ensure
worth billions of euros.16 The Ministry from sharing information with ADSB alignment between the practices of
of Foreign Affairs shares the final and hampers the monitoring of and ADSB and the Paris Agreement.
responsibility over ADSB decisions public accountability for the support
with the Ministry of Finance. provided. Governmental institutions
like ADSB in particular should have
sufficient levels of transparency so
that they can be accountable to Dutch
parliament, NGOs, and citizens of the
6
NOTES
7
fossil fuels, we had to make our own the risk is located and the year
categorisations. The way we structured the insurance was issued. If it was
the data as well as our conclusions still not clear whether the insured
were verified by Profundo.23 transaction supported the fossil fuel
sector, we carried out desk research
Due to the paucity of publicly on the debtor and the project. As
available information provided by the available data were limited and
ADSB on individual insurance policies, inconsistent, further desk research was
it was sometimes challenging to often necessary.
ascertain whether an insurance
supported the fossil fuel sector. We We classified all transactions
based our categorisations on looking according to Type of energy source,
into many aspects of the insured Purpose, Type of export transaction,
transactions, which include the Type of ship and Type of buyer.
debtor, the exporter, the description Below we provide more details on
of the transaction, the country where each category.
PARTY EXPLANATION
Debtor/buyer Party that purchases goods or services from a Dutch exporter, for example to build a ship.
Exporter Dutch party that exports a service or good and applies for an export credit insurance.
Financier Party that finances the transaction/project of the exporter. Usually a bank.
Guarantor A party that guarantees the transaction of the Dutch exporter.
ADSB Issues export credit insurances on behalf of the Dutch state.
8
FIGURE 1: Stages of fossil fuel production
9
user of the export credit insurance TYPE OF BUYER
NOTES
facility might deliver a dredger for
the development of a new harbour As noted above, looking at the
25 https://www.researchgate.net/
servicing the oil and gas industry. type of debtor in the insurance was
publication/265641087_Dredging_
However, the same vessel could very important in classifying it as
maintenance_plan_for_the_Kolkata_
also be used for coastal protection supporting the fossil fuel sector. We Port_India
works as part of a climate adaptation distinguished oil/gas company, power
26 http://haldiatourism.gov.in/
project. So, in the case of construction plant, refinery/FPSO, petrochemical
industrial_tour.html
of a dredger, we tried to find more industry, service companies, airport/
information on the first project it was airport support/airplanes, and port/
used for. We then only categorised canal authority. Many debtors are
the insurance as fossil fuel-related if subsidiaries of larger companies
this first project was fossil fuel-related. or governments. For this research,
Consequently, we categorised only we categorised the debtors as they
one insurance for the building of a were recorded in the ADSB data.
dredger as fossil fuel-related. So although, for example, an oil
refinery might be owned by multiple
The insurance for the fossil fuel- oil companies or a government, we
related construction of a dredger categorised it as a refinery.
had a value of nearly 75 million and
related to the building of a trailing VERIFICATION WITH ADSB AND
suction hopper dredger by a Dutch RESPONSIBLE MINISTRIES
shipyard for the Dredging Corporation
of India in 2013. By checking A draft version of the report was
information available on the internet, sent to the Dutch Ministry of Finance,
it became clear that the dredger the Dutch Ministry of Foreign Affairs
would be used for maintenance and ADSB, all of which were given the
dredging jobs on the Hooghly River opportunity to make comments and
in India. The maintenance is necessary corrections to be incorporated into
because of sedimentation in the river. the final version. In a joint response,
The dredging maintenance plan for the Ministry of Finance and ADSB
Kolkata port shows that the major stated that the draft contained
commodities handled by the Kolkata incorrect assumptions which makes
Port Trust are petroleum and oil.25 the information inaccurate (you
In addition, the Haldia Refinery is are wrongly labelling transactions
situated on the bank of Hooghly related to oil that are not). We are
River.26 We therefore categorised this working hard to make our portfolio
insurance as supporting the transport greener and play a role in climate
of oil. finance. However, neither ADSB nor
the ministry further clarified which
assumptions they felt were incorrect
and what they are doing to make their
portfolio greener.
10
RESULTS The 78 insurances for transactions
that supported the fossil fuel sector FOSSIL FUEL-RELATED PROJECTS
SUPPORT FOR FOSSIL FUEL- account for 28% of the total number ARE CAPITAL-INTENSIVE
RELATED PROJECTS of projects covered (274). These
78 insurances for fossil fuel-related In figure 2, we compare the number
Our total dataset consisted of 274 projects account for almost 7.3 of insurances and the maximum
insured transactions in the period billion, which is 66% of the total insured value for fossil fuel-related
2012-2015. These 274 insurances had maximum insured value and 99% of insurances, renewable and others. The
a maximum insured value of more than the total maximum insured value for 78 fossil fuel-supporting insurances
11 billion. In total, 88 insurances all ADSB supported energy projects account for almost 7.3 billion. For
support the energy sector with a in this period. Almost all (97%) of the renewable energy, this is 9 projects
maximum insured value of almost insurances that support fossil fuel with a total amount of almost 0.08
7.4 billion. projects relate to oil and gas. These billion. And for other insurances, it is
figures show that a very large part of 186 insurances with a total amount
Categorised by energy source, the maximum insured financial risk in of more than 3.7 billion. This shows
47 insurances supported projects the portfolio of ADSB relates to fossil that, in contrast to renewable and
that were both oil and gas, 21 were fuel-related projects. other projects, insurances supporting
purely oil-supporting, 8 purely gas, fossil fuels are very capital-intensive
9 supported solar, wind or biogas SUPPORT FOR RENEWABLE and comprise the largest portion of
(renewables), 1 coal and oil, 1 coal ENERGY PROJECTS ADSBs insured risks.
and gas, and 1 supported oil, gas
and renewables. Combining the oil, Table 2 shows that, out of the total
gas, oil/gas, coal/oil and coal/gas of 274 insured transactions, 9 support
supporting insurances, ADSB provided renewable energy projects while 78
78 insurances that supported the cover fossil fuel-related projects. In
fossil fuel sector. Adding the 10 other terms of money, ADSBs support for
non-fossil fuel-related energy projects, renewable energy projects covers a
it can be concluded that almost 89% total volume of almost 0.08 billion,
of the energy projects that ADSB or about 1% of the maximum insured
supports are related to fossil fuels. value for all energy projects supported
by ADSB.
TABLE 2: Almost all insurances supporting the energy sector are related to fossil fuels
TYPE OF ENERGY SOURCE TOTAL INSURANCES TOTAL MAX INSURED VALUE (MILLION)
Oil/Gas 47 3,131
Oil 21 2,689
Gas 8 1,383
Coal/oil 1 58
Coal/gas 1 23
Total fossil fuel 78 7,284
Renewable 9 77
Oil/gas/renewable 1 9
Total energy 88 7,370
11
FIGURE 2: Fossil fuel-related projects ADSB insures are capital-intensive
200 E8
180
E7
160
NUMBER OF INSURANCES
E6
140
E5
120
BILLIONS
100 E4
80
E3
60
E2
40
12
TABLE 3: Environmental categories defined by ADSB
13
TABLE 4: Environmental and social risky projects are often fossil fuel-related
DISTRIBUTION PER COUNTRY speaking, the listed country of risk emerge as the top 5. Table 5 also
proves to be a good indicator for shows the maximum insured value
Due to the financially complex the geographic location of the fossil of fossil fuel-related insurances per
constructions behind certain export fuel-related transactions insured by country. Brazil is the country where
transactions that ADSB is insuring, ADSB. Table 5 shows the distribution ADSB assumed by far the highest
the country where ADSB is assuming per country for fossil fuel-supporting financial risk. This was mainly because
the risk is not always the same as the projects. Major fossil fuel-producing of the FPSO insurance of 1 billion,
country where the project actually countries like Nigeria, Mexico, Brazil, but ADSB also insured other significant
takes place. However, generally the United Arab Emirates and Russia transactions for that country.
14
PURPOSE AND TYPE OF PROJECT
TABLE 6: ADSB fossil fuel-related insurances mostly support the transport and extraction of fossil fuels
TABLE 7: Fossil fuel-supporting insurances are mainly related to the maritime sector
15
Table 8 shows the kind of vessels
used or built/delivered by ADSB-
supported Dutch exporters in the case
of maritime type fossil fuel-related
projects.
TYPE OF BUYER
TABLE 9: Service companies are mostly involved as debtor for fossil fuel-related insurances
16
FINANCIERS INVOLVED whereas multiple banks were involved
in the case of more capital-intensive
Table 10 shows how many times transactions. The exception to this
banks were involved as financiers in outcome was the insurance with the
ADSB-supported fossil fuel-related highest insured value, the building of
projects. In most fossil fuel-related an FPSO, which was financed by one
projects no financier was involved, bank.
17
OVERVIEW OF THE RESULTS
Ministry of Finance
Total 2012-2015
11.1 billion
Non-energy
3.7 billion
Energy
7.4 billion
Renewable energy
0.08 billion
18
CONCLUSIONS
One of the key goals of the Paris Agreement is to make financial flows involved whereas multiple banks were
consistent with a pathway towards low greenhouse gas emissions and climate involved where more capital-intensive
resilient development. This report shows that the Dutch government has an transactions were concerned.
excellent opportunity to contribute to this goal by phasing out export credit
support for fossil fuel-related projects. ITS UP TO THE DUTCH
GOVERNMENT
Based on publicly available data, the main social and environmental impacts
report concludes that Dutch public are more likely to occur in the country In the Netherlands, the Paris
export insurances heavily support the where, for example, an FPSO is Agreement on climate action has
fossil fuel industry. The results of this deployed, than in the shipyard where received public support from NGOs,
study show that ADSB insured fossil it was built. The due diligence process major companies involved in the
fuel-related projects with a total value by ADSB should therefore also take fossil fuel industry such as Van Oord
of 7.3 billion in the period 2012- into account these indirect impacts in and Shell,28 the youth wings of 10
2015. This is two-thirds of its total the fossil fuel chain. leading political parties,29 and the
insured value for that period. Almost majority of parliamentarians in The
all (99%) insurances that support The offshore and maritime business Hague.30,31 Large investment and
energy projects are related to fossil receives significant support from insurance companies and employers
fuels and, of these, almost all (97%) ADSB for fossil fuel-related projects. organisations are calling for a
are related to the oil and gas sector. Dutch shipyards and dredging and transition away from fossil fuel towards
ADSBs support for renewable energy maritime construction companies green energy.32,33,34
projects is only 1% of the insured value that, for example, build pipe-laying
for energy-supporting projects. vessels, use advanced equipment
to dredge access channels to fossil
In contrast to the renewable and fuel harbours or reclaim land for oil
non-energy transactions that ADSB refineries. These Dutch exporters thus
insures, the insurances that support provide significant support to the oil NOTES
fossil fuel-related projects are very and gas industry supply chain. Looking
capital-intensive and comprise at the period 2012-2015, the export
the largest portion of the total transactions of companies in the 28 http://www.vanoord.com/
volume of ADSBs insured risks. Dutch offshore sector (shipyards and news/2016-business-community-
As a consequence, the number of dredging companies) obtained 92% calls-government-introduce-climate-
legislation
insurances supporting the fossil of all insured risks related to the fossil
fuel sector account for only a small fuel sector. Covering the construction 29 http://nos.nl/artikel/2159551-
portion (28%) of the total number of or upgrading of specialised ships jonge-politici-tekenen-manifest-voor-
duurzaamheid.html
insurances ADSB provided. In fact, such as FPSOs, fast crew and supply
the ADSB-supported transaction with vessels, dredging and pipe-laying 30 https://www.tweedekamer.nl/
the highest maximum insured value ships, most of these transactions kamerstukken/plenaire_verslagen/
kamer_in_het_kort/ratificatie-
of more than 1 billion was issued contribute to the extraction and
klimaatakkoord-parijs
for the building of an FPSO (Floating transport of oil and gas.
Production, Storage and Offloading) 31 https://www.nrc.nl/
vessel in 2015 to be used in greenfield While the publicly available data nieuws/2017/01/31/klimaattop-parijs-
6491667-a1543834
deep-sea oil projects off the coast of do not allow for an exact conclusion
Brazil. on the location of ADSB-insured 32 http://www.climatechangenews.
projects, major fossil fuel producing com/2017/02/15/fossil-fuels-subsidies-
jeopardising-climate-deal-say-major-
Fossil fuel-related projects countries like Nigeria, Mexico, Brazil,
investors/
concerning the building of vessels the United Arab Emirates and Russia
are mostly categorised as M or emerge as the top 5 purchasing 33 https://www.oneworld.nl/groen/
energie/financiele-bedrijven-stop-
no, meaning ADSB requires little countries. Brazil is the country where
subsidies-voor-fossiele-brandstoffen
or no additional environmental and ADSB took the largest financial risk
social screening after its general due in the fossil fuel sector. In most fossil 34 https://www.vno-ncw.nl/
19
Many overseas fossil fuel The results of this study for
developments only happen because recent years show that a relatively
Dutch public policies, implemented small number of fossil fuel-related
by ADSB, allow for the reduction insurances issued by ADSB (28% of
of financial risks. By continuing the total) cover a much larger part
to support business as usual in of the total volume of the covered
the energy sector through export portfolio (66%). This means two
credits, the Dutch government things. First, in numerical terms, the
thus effectively keeps the fossil fuel majority of transactions for which
industry afloat at the expense of insurances are issued by ADSB are
more renewable alternatives. This not problematic in light of the Paris
reality stands in stark contrast to Agreement. Second however, it is less
the commitments made under the good news that two thirds of the total
Paris Agreement. While companies exposure of ADSB, i.e. the monetary
have their own responsibility in the value of its transactions, seems to
energy transition, so does the Dutch be directly related to the fossil fuel
government. It should discourage production chain. Our interpretation
further investments in the fossil fuel and qualification may differ to that
sector and promote the international of the Ministry of Finance or ADSB.
transition to a renewable energy- In the end the actual size of the fossil
based economy. The broad support fuel-related portfolio should not be
for the commitments under the Paris an issue of discussion. The fact that
Agreement amongst the private sector a small number of fossil fuel-related
and the public at large provides an insurances account for the largest
opportunity for the Dutch government part of ADSBs exposure means that
to open discussions on how ADSB phasing out this support offers a good
can phase out support for fossil fuel- opportunity for the Dutch Government
related transactions and green its to create the space to support projects
portfolio. that match its vision on the energy
transition that large parts of the
ECAs usually characterise themselves private sector are calling for.
as demand-driven. However, they
implement public policies by providing
support for domestic companies doing
business abroad additionally to what
the market can provide. As such,
they provide a public service. This
underscores their policy-driven nature
and demands from governments and
parliament that they assure that ECAs
accept and act on their responsibility
to ensure that the economic activities
they support abroad serve a larger
public good, including the need to
combat climate change.
20
RECOMMENDATIONS FOR PHASING OUT
EXPORT CREDITS TO THE FOSSIL FUEL
INDUSTRY
While we realise that phasing out export credit support for fossil fuel-related 2 Set an ambitious date preferably
transactions will not happen overnight, the political debate on phasing them 2020 at which all export credit
out can no longer be postponed. We already know that the reserves in currently support is directed towards business
operating oil and gas fields would take the world beyond 1.5o Celsius. The Paris transactions that contribute to
Agreement will come into force in 2020. In order to achieve its goal of staying low-carbon and climate-resilient
below 2o Celsius, no new oil and gas fields should be developed. The phasing development.
out of public export credit support for this sector would surely be a timely and
urgently necessary contribution to not only challenge its social and environmental 3 Set an ambitious end date
impacts, but also the economic rationale to continue business as usual. preferably 2020 to exclude all export
credit support for fossil fuel-related
transactions.
At the moment, there are no and communities that depend on
signals in the public domain that the fossil fuel. To do so effectively, 4 Start the phase out of export
Dutch government considers the the government should start by credits for fossil fuel-related
use of Dutch public funds for export phasing out export credit support transactions by ending the support
insurance of fossil fuel-related projects for transactions that develop the for brand new fossil fuel extraction,
problematic. In light of the urgency infrastructure for new fossil fuel transportation and processing
to combat climate change, this report extraction and production activities.36 infrastructure projects first.
calls on the Dutch government
especially the Minister of Finance In line with the adopted resolution 5 Promote the creation of an
and on Dutch parliamentarians referred to above, we call on the exclusion list for fossil fuel-related
responsible for the functioning of and Dutch government and parliament projects (coal, oil and gas) to be
oversight over ADSB, to formulate to ensure that export credit support adopted by all ECAs at the OECD.
objectives, policies and a clear works towards the climate goals laid
roadmap towards a complete phasing down in the Paris Agreement by
out of all government support for the deciding to:
fossil fuel sector.
1 Publicly report from 2017 onwards
In a resolution adopted in Dutch with clear and understandable
parliament in May 2016,35 the Dutch information on all export credit NOTES
government was asked to make insurances for export transactions that
agreements on the question how contribute to the fossil fuel sector and
financial institutions will contribute track the progress of efforts to lower 35 https://www.tweedekamer.nl/
to the Paris goal of 1.5o Celsius. In the volume of these transactions in kamerstukken/detail?id=2016Z09848&
did=2016D20385
addition, the government was called ADSBs portfolio. Existing efforts for
upon to identify measures to support carbon disclosure and accounting 36 http://priceofoil.org/2016/09/22/
the financial sector in its efforts and to should be combined. The French the-skys-limit-report/
investigate how the climate intensity law to introduce mandatory carbon
of loans and investments of Dutch disclosure requirements for stock 37 https://www.unpri.org/
financial institutions can be made more exchange-listed companies and carbon download_report/14573
decline of fossil fuel support from Accounting Financials (PCAF)38 and 39 https://www.dnb.nl/over-dnb/
financial institutions, including the closely monitor and take account of samenwerking/platform-voor-
government-backed export credit the work of the Working Group on duurzame-financiering/werkgroepen/
agency. The minister should also Climate Risks, under the Platform for index.jsp
21
APPENDIX 1: Example of ADSB data sheet (first part of 2015)
2-1-2015 Saudi Arabia Joannou & Paraskevaides Ltd BOM Greenhouses B.V. N/A
29-1-2015 Ireland Glenthorne Shipping Ltd., Ireland Scheepswerf Ferus Smit BV Arklow Shipping
4-2-2015 Sri Lanka Ministry of Finance and Planning Janson Bridging International N/A
B.V.
12-2-2015 Egypt Suez Canal Authority Van Oord Dredging and N/A
Marine Contractors BV
12-2-2015 Egypt Suez Canal Authority Boskalis Westminster N/A
Dredging BV
17-2-2015 Netherlands Sutland Holding Ltd., Tortola/British Alblasserdam Yachtbuilding N/A
Virginislands B.V.
26-2-2015 South Korea Samsung Engineering Co. Ltd. Control Seal B.V. N/A
26-2-2015 Saudi Arabia Al Watania Poultry Company Mavitec B.V. N/A
22
MAX. ENVIRON-
COMPENSATION MENTAL DEVELOPMENT
FINANCIER TRANSACTION (EUR) SCREENING AID
N/A Dredging and land reclamation for the construction 265.541.782 A N/A
of a "Solids Pier" and a "Small Harbor" in Kuwait,
for the New Refinery Project of Kuwait National
Petroleum Company (K.S.C.C.) located near Al Zour,
Kuwait
Rabobank Cutting and bending machines for the processing of 915.890 no N/A
(DG holder) concrete steel
N/A The delivery of proprietary equipment (High 1.326.000 no N/A
Pressure Stripper, Pool Condensor, High Pressure
Scrubber, Urea Reactor, High Pressure Ejector, Level
measuremnets, High Pressure control valves, N/C
measurement sytem) for a urea factory in Yixing
City/China
ING Bank NV Delivery of six vessels/ships 10.124.031 M N/A
Rabobank Bridges with related foundations and access roads, 122.469.517 C N/A
International including design, transport, installation, training and
environmental research
N/A The dredging of the New Suez Canal 257.799.289 A N/A
ADSB publishes data on provided insurances only in Dutch. This table is a translated version of the first part of the 2015 data sheet. 23
Connecting people for change
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