Seven European countries finish financing coal for export projects

Seven European countries have formally pledged to end financing for fossil fuel projects by export finance agencies, while speeding up efforts to reduce public funding for polluting high-emissions energy sources.

Denmark, France, Germany, the Netherlands, Spain, Sweden and the United Kingdom announced a new allianceAlliance of Export Finance for the Future (E3F), After a hypothetical meeting held today [14 de abril] In the Directorate General of Treasury, a unit of the French Ministry of Finance.

Today, for the first time, several countries have publicly pledged to significantly increase support for sustainable projects And to assess the best way to phase out export finance subsidies from industries in petroleum And gas “The French Minister of Finance announced, Bruno the mayor, In his speech at the meeting. “The moment is decisive.”

The seven countries, which account for about 40% of export financing in the Organization for Economic Co-operation and Development, according to Mir Le Maire, have pledged to end the agreement. Official Trade and Export Finance Going to Unused Coal EnergyThermal coal mines and coal supply chain infrastructure.

However, they have made promises in the case of other fossil fuels “Review official support for trade and export financing … and evaluate the best way to phase out subsidies for these sectors, taking into account the characteristics of each.”

Agreement members have not committed to setting a single timetable for cutting aid for fossil fuels, and Le Maire said it would depend on each government.

News taken from: IEEFA / Free translation from English by Global Energy Trade

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