Denmark among seven countries to pledge a cut on fossil fuel finance

Gas, coal and oil infrastructure has traditionally comprised a large share of many countries’ public export finance – but the new initiative aims to cut funding

Lena Hunter

Apr 15, 2021

Denmark has backed an initiative to halt public export guarantees for fossil fuel projects, announced Bruno Le Maire, the French finance minister, on Tuesday. They are joined by Germany, France, Britain, Spain, the Netherlands and Sweden.

“We are totally determined to stop all export guarantees financing fossil fuels while taking into account each country’s industrial specifics and the impact on jobs,” Le Maire told Reuters.

Britain, France and Sweden have already outlined their plans, while the other four countries are yet to decide how fast they will phase out support.

Hope for US backing
In a meeting on Wednesday to formalise the agreement, Le Maire added that he hoped US President Joe Biden’s administration would join the group.

The US alone accounts for 40 percent of export finance among OECD countries, according to an upcoming review of the country’s export finance.

The seven countries also pledged to support climate-friendly projects and to increase transparency in their export finance policies.

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Denmark among seven countries to pledge a cut on fossil fuel finance

New US Arctic security strategy co-opts Denmark as Russia deterrent

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