Seven European countries will stop financing hydrocarbons abroad

Seven European countries, among them Germany, France, the United Kingdom, and Spain, over there Commitment to stop providing public aid To finance fossil fuel projects abroad as part of an international strategy to confront the climate crisis.

The French Minister of Economy and FinanceAnd the Bruno the mayor, Submitted to the Alliance Press Export financing for the future, Which they are also a part of HollandAnd the Sweden s DenmarkIn particular, other countries are slated to do so United State.

Fossil fuel export loans in Spain are 30%, while in France they are barely 4%.

“it’s a An imperative to change the direction of export finance“Because, at present, for the OECD as a whole, more than 35% of public credits are directed to projects Fossil fuelsThe minister said.

He added that this money should be directed. “ExclusivelyTo ProjectsSustainableBecause “export financing is one of the critical mechanisms for Fighting global warming“.

Seven coalition ministers who 45% of the Organization for Economic Cooperation and Development (OECD) export creditsOn Wednesday, he will sign a declaration containing three core commitments; The first and foremost is to stop Fossil Fuel Financing, Although no single calendar has been created, which will depend on the situation and The internal decision for each of them.

Fuel will continue our lives with climate change law

Ismail Morales

According to Le Maire Cabinet, one has to Keep in mind that while you are in France Take fossil fuels Less than 4% of export credits, In countries such as Holland or Spain ratios could rise to 20-30%..

Moreover, there are three members of the group who have previously had them Determine a horizon to start To support these sectors (France, the United Kingdom, and Sweden), but not other sectors.

Other commitments to support with Sustainable public aid projects “Compliant with the Paris Agreements” of 2015 on climate change and ensuring transparency with publication Impact in terms of emissions Carbon is one of these financing mechanisms.

The French minister stressed that behind the launch of export financing for the future is the idea that in the fight against global warming “it can only succeed collectively,” which he specified that one of the main objectives is “Other European countries and then the United States would follow this strategy“.

Le Maire stressed that the French “The The first country in the worldOn raising the issue of the climate impact on export guarantees and integrating it into budgets for 2020.

Likewise, he indicated that France did Funding “non-traditional” projects is prohibited. Of fossil fuels, from 2025 this ban will be extended to Anyone who has anything to do with oil And in 2035 for gas companies.