In February 2024 Euler Hermes issued an export‑credit guarantee for a drilling rig produced by the German engineering firm Herrenknecht and purchased by Brazilian energy company Eneva. The guarantee was approved by the German government after the introduction of tighter export‑credit climate regulations on 1 November 2023.

Berlin’s justification and the challenge from campaigners

German authorities argued that the rig would simply replace older equipment, would not increase overall production capacity and would not extend the life of the field. The campaign group Oil Change International (OCI) highlighted the guarantee and the rig’s intended use, disputing Berlin’s claim that the project would not raise capacity.

From shipment to drilling in the Amazon

The rig, named Eneva Explorer, was shipped in April 2025 and installed in the Parnaíba Basin in the state of Maranhão in May 2025. Within six months it drilled seven wells, six of which lie inside Brazil’s legally defined Amazon region. In January 2026 Eneva announced that the wells contain an estimated 2.2 to 4 billion cubic metres of gas.

Social and environmental concerns

A 2022 peer‑reviewed study in Revista de Políticas Públicas linked Eneva’s gas and coal plants in Maranhão to community displacement, pollution and food insecurity. Brazilian outlet ClimaInfo reported that prosecutors allege Eneva failed to consult Indigenous peoples in projects in Amazonas, leading to legal challenges.

Euler Hermes’ response

Euler Hermes replied to OCI that it had never received complaints about Eneva’s exploration activities.

Germany’s climate financing commitments

Germany joined the Clean Energy Transition Partnership in 2021, pledging to stop financing fossil‑fuel projects abroad. The 2023 export‑credit climate rules were designed to align financing with the Paris Agreement’s 1.5 °C target, but they contain exemptions for projects classified as hydrogen‑ready, equipped with carbon‑capture technology, or deemed to serve Germany’s geostrategic interests and security of supply.

OCI calculated that Germany approved about $1.5 billion (approximately €1.3 billion) in fossil‑fuel projects during 2023‑24, making it the second‑largest breach of the CETP pledge after Italy.

Policy shift and upcoming revisions

The current coalition government of the CDU, CSU and SPD signals a shift toward more flexible export‑credit guidelines in its agreement. The Ministry for Economic Affairs and Energy is drafting revisions to the export‑credit rules, with a consultation paper expected soon, although the ministry did not respond to OCI’s queries before the report was published.

Broader political context

In May, Berlin voted for a United Nations resolution urging states to meet their legal climate obligations. Union and environmental groups across Europe are monitoring the case, arguing that support for overseas fossil‑fuel extraction undermines EU climate targets and raises household energy costs. They call for a strict interpretation of the 1.5 °C limit in all export‑credit decisions.

The German export‑credit guarantee remains in force. The newly drilled wells are intended to supply Brazil’s growing gas market, potentially increasing the country’s reliance on fossil fuels while the EU promotes a rapid transition to renewable energy. Critics note that weakening the rules and increasing dependence on gas imports would make Germany less secure, less competitive and less credible internationally.