(1)

The guidelines contained in the Arrangement on Officially Supported Export Credits (the ‘Arrangement’), developed within the framework of the Organisation for Economic Cooperation and Development (‘OECD’), including the Sector Understanding on Export Credits for Climate Change (the ‘Climate Change Sector Understanding’) contained in Annex I to the Arrangement, have been transposed and thus been made legally binding in the Union by Regulation (EU) No 1233/2011 of the European Parliament and of the Council (1).

(2)

As the sunset clauses for project classes G and I of the Climate Change Sector Understanding are set to expire on 30 June 2024, the Participants to the Arrangement (the ‘Participants’) are to agree on amendments to those sunset clauses.

(3)

It is in the interest of the Union that projects falling under project classes G and I could continue to benefit from the Climate Change Sector Understanding’s favourable terms and that the possibility of reaching an agreement on the criteria for those project classes is retained. Thus, the Union should support the replacement of the sunset clauses with review clauses, until 30 June 2026.

(4)

It is appropriate to establish the position to be taken on the Union’s behalf regarding the decision of the Participants on amendments to the Climate Change Sector Understanding, as the decision will be binding on the Union and capable of decisively influencing the content of Union law, by virtue of Article 2 of Regulation (EU) No 1233/2011.

(5)

The position of the Union should therefore be to support the amendments to the Climate Change Sector Understanding based on the draft text annexed to this Decision,