Seven European nations to halt export finance for fossil fuels By Reuters

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© Reuters. FILE PHOTO: Launching of the 2020 earnings tax marketing campaign in France

PARIS (Reuters) – Seven European nations, together with Germany, France and Britain, will commit on Wednesday to cease public export ensures for fossil gas initiatives, French Finance Minister Bruno Le Maire mentioned on Tuesday.

Coal, oil and fuel infrastructure have historically made up a big share of the portfolios of many nations’ public export finance businesses, which assist exports via state-backed financing ensures and insurance coverage towards losses overseas.

Spain, the Netherlands, Denmark and Sweden are the opposite 4 nations to again the initiative.

Britain, France and Sweden have already laid out plans to halt export ensures for the fossil gas sector whereas the opposite nations within the group have but to determine how briskly they’ll part out their assist.

“We’re completely decided to cease all export ensures financing fossil fuels whereas considering every nation’s industrial specifics and the impression on jobs,” Le Maire mentioned.

Talking earlier than a gathering on Wednesday the place the pledge is to be formalised, Le Maire added that he hoped U.S. President Joe Biden’s administration would be a part of the group, which collectively accounts for 40% of export finance amongst OECD nations, following an upcoming assessment of U.S. export finance.

Le Maire additionally mentioned the seven nations would decide to supporting climate-friendly initiatives and transparency of their export finance insurance policies.

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