A plan discussed by wealthy nations to throttle tens of billions of dollars in public support for oil and gas projects has broken down without agreement, Bloomberg News reported on Monday (Dec 23).

The European Union, UK, the United States and other countries had sought the deal to limit export-credit agency finance for global fossil-fuel projects under the umbrella of the Organisation for Economic Co-operation and Development (OECD), the report said.

"Negotiations are still ongoing," an OECD spokesperson said to Reuters in response to the report.

While improving transparency in export financing remains a target, the likelihood of a broader deal to curb support for hydrocarbon projects is now remote, Bloomberg said citing unnamed senior US officials.

Negotiators are planning to continue trading messages until early January, at least, the report added citing one of the officials.

Source: Reuters