OECD countries boost official support for renewable and nuclear energy exports

24/06/2009 - OECD countries have agreed to boost official backing for exports of renewable energy and nuclear power equipment by offering more generous terms on government-backed credits in support of export deals.

Under the new arrangement, countries that participate in the OECD’s Arrangement on Officially Supported Export Credits agreed to provide official export credit support for projects in the renewable energies, water and nuclear power sectors in the form of loans with longer repayment terms of up to 18 years and more flexible definitions of repayment schedules, accompanied by a revised fixed interest rate regime for longer loan durations.

The agreements are designed to support renewable energy sources such as solar, wind, biomass and hydro power energy and nuclear power in preference to traditional energy projects using carbon-fossil fuel, where existing, stricter financial terms and conditions continue to apply. Participating countries also agreed to take account of climate change issues in their future work on renewable energies.

For further information, please see www.oecd.org/trade/xcred