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Opinion
February 9, 2018 www.intellinews.com I Page 26
The next step in ensuring more responsible fi- nancing should be the active publication of infor- mation about projects supported by ECAs.
Another crucial tool for oversight of ECA opera- tions is the adoption of easily accessible compli- ance mechanisms, where complaints of wrongdo- ing can be submitted by ECA contractors as well as the general public, both in the home country and the destination country of the project.
To avoid the most problematic projects, ECAs should develop an exclusion list that prohibits support for projects that contravene international covenants and agreements that nations sign up to, in areas such as fossil fuels, nuclear power pro- duction, weapons manufacturing or projects where significant human rights violations are possible.
Reporting on which projects ECAs finance and why, as well as the results of monitoring project implementation, is another step towards ensuring the best value for money from these investments. While ECAs in central and eastern Europe argue
that they are obliged to report to their govern- ments and the European Commission, these re- ports are in practice more a formality with no real bearing on future operations.
There is however real potential in reporting
to make ECAs improve their operations. The European Commission should for example
revise the reporting areas and assess whether
the activities of ECAs are in line with EU policy objectives in other areas, such as foreign policy, development and climate change. The commission will need to be more active in this respect.
A complaint from civil society organisations to the European Ombudsman is pending about the lack of oversight by the commission of ECAs. There are hopes that a positive ruling could mean improvements across the board, for ECAs and the exporters they support.
Dan Heuer is project co-ordinator at the Centre
for Transport and Energy/CEE Bankwatch Network based in Prague, Czech Republic.
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