Plan to Cut Oil and Gas Support

(Reuters) – A plan discussed by wealthy nations to cut tens of billions of dollars in public support for oil and gas projects has fallen apart without agreement, according to Bloomberg News.

The European Union, UK, the United States, and other nations sought a deal to limit export-credit agency finance for global fossil-fuel projects through the Organization for Economic Co-operation and Development (OECD).

An OECD spokesperson told Reuters, "Negotiations are still ongoing." While improving transparency in export financing is a goal, the chances of a wider agreement to reduce support for hydrocarbon projects seem unlikely, according to Bloomberg, which cited unnamed senior U.S. officials.

Negotiators intend to continue exchanging messages at least until early January, as per one of the officials.