The Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence was adopted by the OECD Council on 28 June 2012; it improves in many ways the 2007 Recommendation, which it replaces, by:
In addition, in recognition that certain issues need further consideration, the new Recommendation also contains provisions for further technical work on the application of the Recommendation, in particular relating to greenhouse gas accounting and reporting, support for thermal and nuclear power plants, and addressing project-related human rights impacts. A report on the implementation of the Recommendation, which will include the results of this technical work, will be made to the OECD Council not later than three years from its adoption.
The full text of the Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence (the “Common Approaches”) is available on the OECD website.
Governments provide official export credits, through Export Credit Agencies (ECAs), to support national exporters competing for overseas sales. Most official export credit support involves insurance or guarantee cover for credits provided by private financial institutions. ECAs can be government institutions or private companies operating on behalf of government.
The ECG Members are: Australia, Austria, Belgium, Canada, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Israel, Italy, Japan, Korea, Luxembourg, Mexico, Netherlands, New Zealand, Norway, Poland, Portugal, Slovak Republic, Slovenia, Spain, Sweden, Switzerland, Turkey, United Kingdom and United States.