"We will ensure that UK Trade and Investment and the Export Credits Guarantee Department [UKEF is its operating name] become champions for British companies that develop and export innovative green technologies around the world, instead of supporting investment in dirty fossil-fuel energy production," the agreement read.
UKEF is empowered by the British government to determine projects to finance in the form of guarantees and insurance to help exporters of British goods and services operate overseas.
The funding of "dirty fossil fuel energy production" over green technologies is subject to sharp criticism by nonprofit organizations. Greenpeace's Energydesk, a website that reports on energy and climate matters, conducted the investigation into UKEF's loans.
Industries such as oil and gas exploration, coal mining, petrochemicals and infrastructure were provided loans and guarantees by the UKEF, and encompassed projects in dozens of countries, Russia, Brazil, India, Saudi Arabia and Vietnam in particular.
Russian oil and gas company Gazprom, Saudi Arabian Sadara Chemical Company and Brazilian oil producer Petrobas are among the foreign companies benefiting from the British loans, according to the report.
