**Export Credit Assistance for Oil and Gas Fails as Korea and Türkiye Oppose – A Closer Look**
The push to end export credit support for foreign oil and gas projects has hit a roadblock as South Korea and Türkiye oppose the move. The European Union, UK, Canada, and Norway have been advocating for the 38 OECD countries to expand a 2021 ban on coal support to include oil and gas projects. However, with the impending presidency of Donald Trump, who is known for his pro-fossil fuel stance, the negotiations have faltered.
**Opposition from Key Players**
South Korea and Türkiye have emerged as the main opponents of this initiative. Korean campaign group Solutions for Our Climate expressed disappointment at the lack of progress, emphasizing the crucial moment for change that was missed. The export credit agencies of OECD governments currently provide around $40 billion annually to foreign fossil fuel projects, primarily oil and gas ventures.
**Secret Negotiations and Disagreements**
While the OECD negotiations are conducted in secrecy, it has been revealed that South Korea, Australia, and Türkiye oppose the export credit proposals, while the US, Japan, and Switzerland remain reserved. South Korea raised concerns about the impact on developing countries outside the OECD, Türkiye emphasized a gradual reduction in fossil fuels, and Australia rejected the current proposal.
**Stalled Talks and Criticisms**
Efforts to reach an agreement intensified after the election of Donald Trump, but ultimately collapsed without a resolution. Critics have pointed fingers at South Korea and Türkiye for hindering global climate ambitions. The failure to secure an agreement reflects a missed opportunity for significant progress in combating climate change.
**Next Steps and Alternative Solutions**
While the OECD talks remain at a standstill, climate campaigners are urging countries to join the Clean Energy Transition Partnership (CETP) individually. This initiative, launched at COP26, aims to end overseas support for fossil fuels and has shown promising results. Campaigners are hopeful that additional countries, including South Korea and Japan, will join the CETP to further advance the transition to clean energy.
As the world grapples with the urgent need to address climate change, international cooperation and collective action are essential to drive meaningful change and protect our planet for future generations.
*Written by [Your Name], a climate enthusiast and advocate for sustainable living.*