UK to use L1bn meant for green energy to support fracking in Argentina
Source: The Guardian
The polluters
UK to use £1bn meant for green energy to support fracking in Argentina
Documents show government’s plans to prioritise loans in support of major oil companies
Jillian Ambrose
Tue 22 Oct 2019 12.04 BST
Last modified on Tue 22 Oct 2019 12.42 BST
The UK is planning to invest in Argentina’s controversial oil shale industry using a £1bn export finance deal intended to support green energy, according to government documents seen by the Guardian.
UK Export Finance, the government’s foreign credit agency, promised in 2017 to offer loans totalling £1bn to help UK companies export their expertise in “infrastructure, green energy and healthcare” to invest in Argentina’s economy.
Instead official records, released through a freedom of information request, have revealed the government’s plan to prioritise support for major oil companies, including Shell and BP, which are fracking in Argentina’s vast Vaca Muerta shale heartlands.
One government memo, uncovered by Friends of the Earth, said that while Argentina’s clean energy sector was growing, it was “Argentina’s huge shale resources that offer the greatest potential” for the UK.
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Read more: https://www.theguardian.com/environment/2019/oct/22/uk-to-use-1bn-meant-for-green-energy-to-support-fracking-in-argentina