CDC Group to end fossil fuel financing
CDC Group, the UK’s development finance institution, has vowed to end fossil fuel financing and support only businesses which align with the Paris Climate Agreement.
The group said it would no longer invest "in any business – either directly or through an intermediary fund" that does not support the agreement. This includes coal-fired power plants - including dual-power plants, retrofitting and rehabilitation of existing coal power facilities, coal mining, processing and trading, upstream oil exploration and production, midstream oil - including refineries, heavy fuel oil only-fired power plants and mini-grids, standalone upstream gas exploration and production, as well as transport infrastructure for exclusive crude oil or coal transportation for power generation.
As part of its new climate change strategy, publicly owned CDC - which invests in developing countries in Africa and Asia - will target 30% of its total 2021 commitments to climate finance. It has already committed more than $1 billion of climate finance over the last three years, it said.
