Exclusive: Wood Group boosts fossil fuel business and shrinks renewables work after getting £430m government-backed loan
The international engineering company Wood Group has expanded its oil and gas business and dramatically shrunk its renewables business after receiving a £430m government-backed “green transition loan”, prompting calls from environmental groups for a review of the process that authorised the loan.
The growth of Wood’s fossil fuels business has shown that the government’s “transition export development guarantee” scheme, which guaranteed the loan, facilitates greenwashing and is open to abuse by polluting companies, according to environmental groups.
