Great European alliance against fossil fuels

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Seven European countries have formally pledged to end their support for agencies that finance export projects Fossil fuels. Specific, Denmark, France, Germany, the Netherlands, Spain, Sweden and the United Kingdom This alliance declared the alliance Export financing for the future (E3F), following a hypothetical meeting held on April 14th by the General Directorate of Treasury, a unit of the French Finance Ministry.

The French Finance Minister, Bruno Le Maire, noted in this regard: “ Today, for the first time, many countries publicly pledged to significantly increase support for sustainable projects and evaluate the best approach Phasing out export financing subsidies for the coal industries, oil and gas.

Great coalition against fossil fuels

The seven countries, which according to Le Maire represent around 40% of export financing In the Organization for Economic Cooperation and Development (OECD), they pledged to end formal trade and export financing directed at thermal coal mines and coal supply chain infrastructure.

However, for other fossil fuels, they promised to review and evaluate their official support for trade and export financing The best way to phase out support for these sectors, Taking into account the characteristics of each.

Speaking to Reuters on April 13, Le Maire said: “We are absolutely determined to stop all export guarantees that finance fossil fuels, taking into account the industrial specifics of each country and the impact on employment.” Likewise he added: “It is hypocritical for European countries to adopt strict internal emission standards,” But supporting emissions-intensive projects abroad.

Internal initiatives

Some of the new coalition countries have already announced their own measures To end financing fossil fuel projects. The UK government revealed late last year that it would halt export financing, aid and commercial promotion of new crude oil, natural gas or thermal coal projects, with very limited exceptions from March 31, 2021.

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For its part, France has also ended funding for new coal plants and will gradually stop supporting oil and gas exploration over a period of time until 2035. Likewise, the Swedish Export Credit Agency, EKN, said it will stop funding fossil fuel exploration and extraction projects by 2022.

Fountain: Javier Lopez de Benito / Energy News,

Reference article: https://www.energynews.es/siete-paises-europeos-dejaran-de-financiar-combustibles-fosiles/,

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