Apr 28 2003
The UK's Export Credits Guarantee Department (ECGD) today (28 April) renewed its commitment to keep sustainable development at the heart of its work in supporting UK exporters and investors trading in world markets.

Speaking at the Organisation for Economic Cooperation and Development (OECD) Forum 2003, ECGD's Chief Executive Vivian Brown urged other Export Credit Agencies (ECAs) to follow his Department in promoting sustainable development across the globe.

Mr Brown said: "ECGD is not a lone voice in the wilderness. We understand the importance of approaching this issue by working in partnership with other ECAs. In fact, actions by a single ECA have little impact but by working together, as global projects often require, we can make a difference and help improve the lives of those living in many of the poorest nations in the world."

And he added: "ECAs including ECGD recognise that sustainable development goes hand in hand with our business. Projects that take full account of environmental and social issues in their design and operation are more likely to succeed. A green project makes good business sense for ECAs as they are more likely to meet their financial targets."

Mr Brown drew attention to recent developments which underline ECGD's commitment to the sustainable development agenda:

- ECGD took a leading role in brokering the historic 'Common Approaches on the Environment' among most ECAs within the OECD. The agreement means that ECAs now adopt a common approach when identifying and assessing the environmental impacts of the projects which they are supporting;

- ECGD is pushing for this agreement to be strengthened by including all OECD ECAs when it comes up for review later this year;

- From April 2003, ECGD is making available some £50 million (GBP) of cover for the UK renewable energy sector. Renewable energy projects including wind turbine and wave power technologies will help developing countries limit greenhouse gas emissions; and,

- As part of its commitment to sustainable development, the Department has also this month introduced greater transparency by implementing new procedures for UK exporters and investors. Details of projects with high potential impacts are now being published on ECGD's website (www.ecgd.gov.uk) before a decision on providing cover is made.