PARLIAMENTARY WRITTEN QUESTION
Development Aid: Fossil Fuels (25 March 2021)

To ask the Secretary of State for Foreign, Commonwealth and Development Affairs, what estimate he has made of the CDC Group's expected investment in fossil fuel projects in the next five financial years beginning in 2021/22.

Asked by:
Anna McMorrin (Labour)

CDC has published its complete portfolio of energy investments as held at 31 December 2019 on its website, with details including the start date of each investment and the total amount committed.

For future investments, CDC has published its fossil fuel policy to align with the Government's new approach. The policy excludes the vast majority of fossil fuel sub-sectors including coal, oil and upstream gas exploration and production. Limited exceptions, such as selective gas power investments, are required to demonstrate alignment with a country's pathway to net zero emissions by 2050, amongst other criteria. The stringent criteria applied to such investments is also available on CDC's website.

CDC has invested over $1 billion of climate finance in the past three years, and has set a target for 30% of all new commitments in 2021 to be to climate finance. CDC does not set sector specific investment targets for its future investments. Specific pipeline information is not disclosed as this is commercially sensitive.

Answered by:
Sir James Duddridge (Conservative)
19 April 2021