Export Finance Australia (EFA), Australia's export credit agency, is a government-owned corporation that offers loans and other financial services to boost Australian exports when banks and private finances won't. We have been monitoring Efic's behaviour, specifically concerning extractive industry projects, since 2008.
Our recent paper, Hot Money, found that EFA provided up to $1.69 billion dollars in financing for fossil fuel projects between 2009-2020, causing chaos in our region. We need to look no further than EFA's unprecedented $500 million loan to the PNG LNG project. Our research found that on almost every measure of economic welfare Papua New Guinea would have been better off without the PNG LNG project. Our research also found that the project is an abject development failure as the landowners of the resource remain in conditions of dire poverty, and project-related violence is increasing. See our Double or Nothing and On Shaky Ground reports for more.
"All these things are possible because the accountability and transparency of EFA is poor. EFA has operated under a veil of secrecy for too long, that has to change now."
LUKE FLETCHER, EXECUTIVE DIRECTOR, JUBILEE AUSTRALIA
WE ARE CALLING FOR A REFORM OF EXPORT FINANCE AUSTRALIA, WHICH INCLUDES
Renewal of EFA's environmental policy to include ambitious climate goals, such as ending financing for new fossil fuel projects
Revocation of EFA's exemption from the Freedom of Information Act
Parliamentary scrutiny to occur before any decisions on the National Interest Account are taken
EFA to publish the results of its risk assessments and due diligence for all Category A project