PARLIAMENTARY WRITTEN QUESTION
Fossil Fuels (27 January 2021)

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, how many of the fossil fuel projects that CDC Group is currently considering support for are (a) upstream, (b) midstream, (c) downstream and (d) for power generation; and where each of those projects is located.

Asked by:
Anna McMorrin (Labour)

CDC published a new fossil fuel policy in December 2020, which will be applied to all new commitments. This policy excludes future investment in the vast majority of fossil fuel subsectors including coal, oil and upstream gas exploration and production, with very limited exceptions.

Prior to 2021, CDC made investment commitments to two gas power generation projects which are expected to reach financial close in 2021. Both of these projects are in Africa. A small number of the investment funds to which CDC committed prior to the adoption of its new fossil fuel policy, in December 2020, may make commitments to fossil fuel projects under their existing legal mandates.

Specific pipeline information is not disclosed as this is commercially sensitive.

CDC's policy is aligned with the HMG fossil fuel policy which excludes fossil fuel investments, except under certain circumstances. Any time line for completely stopping gas investments would be dependent on HMG fossil fuel policy.

Answered by:
Sir James Duddridge (Conservative)
2 February 2021