Also this year

Also in 2021, export credit insurance has been taken out for fossil projects all over the world. The Dutch government was given a guarantee for projects by Dutch companies such as Van Oord, Damen and IHC. So far this year, it concerns at least 1.3 billion euros in guarantees related to the oil and gas sector.

It is not new that such a large part of the guarantees goes to the fossil sector. “Traditionally, the largest projects are often fossil fuels,” says Niek van der Beek of Atradius DSB. “The oil and gas sectors are used to long terms for investments and credit, which means that they are less likely to end up with commercial parties for insurance. And the Dutch business community is in a good position as a supplier to the oil and gas sector.”

Van der Beek refers in particular to Dutch dredgers and maritime data that play an important role in oil and gas extraction at sea.

Mozambique

By far the largest guarantee in the Netherlands this year is for a project from dredging company Van Oord. That company is involved in the construction of infrastructure for gas that is extracted from the seabed off the coast of Mozambique, on behalf of energy company Total. It concerns an amount of 900 million euros.

The project near Mozambique is controversial. NRC wrote in May that the gas extraction targeted the unrest and violence in the area. Thousands have already been killed. Due to the violence, both Total and Van Oord have withdrawn from the area, according to NRC. “With the knowledge of now, the situation may have developed differently than estimated,” said the caretaker state letter in September about the case.

Next Tuesday, the House of Representatives will vote on a proposal to end other forms of investment abroad, such as guarantees via Atradius DSB. Atradius itself says that it will in any case stop investing in coal, and the choice to stop investing in coal rests with the Dutch government.