News

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

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.

TOP STORIES

  • How saying ‘yes’ to doing things led international Martijn Koekkoek to carve out a career in networking in Denmark

    How saying ‘yes’ to doing things led international Martijn Koekkoek to carve out a career in networking in Denmark

    Entrepreneurship wasn’t on the cards for Koekkoek when he moved to Copenhagen 15 years ago, but both by design and necessity, he laid the foundations of Everybody Networks Here—a networking community that encourages internationals to come as they are and connect over shared stories, passions, and struggles in an informal and inclusive setting.

  • Is Denmark’s budget surplus thanks to internationals?

    Is Denmark’s budget surplus thanks to internationals?

    Between 2002 to 2023, Denmark’s annual public balances have been underestimated by an average of 1,8% of GDP each year by the Ministry of Finance. The continued error accumulates 1,049 billion DKK unaccounted for the whole 20-year span. As the Danish government increasingly attracted international residents over that period, to what extent are internationals contributing to the country’s economic growth?

  • Bringing international theatre to the masses

    Bringing international theatre to the masses

    In a continually more globalized Copenhagen, the international crowds’ increasing demands for English entertainment have so far not been met. Now, an English-language theatre troupe, made up of internationals, is trying to bring Nordic high culture to the international crowd of Denmark

  • Trained nurses trapped in the system: Is it discrimination?

    Trained nurses trapped in the system: Is it discrimination?

    Despite language skills and years of experience, international healthcare professionals are unemployed due to system failures at SIRI and hospital recruitment.

  • Lars Fruergaard Jørgensen removed as CEO of Novo Nordisk

    Lars Fruergaard Jørgensen removed as CEO of Novo Nordisk

    According to a “mutual agreement” between board members of the global healthcare company Novo Nordisk, Lars Fruergaard Jørgensen will step down from his position as CEO. He was appointed at this position since January 2017

  • “More internationals should learn Danish”: interview to Studieskolen director

    “More internationals should learn Danish”: interview to Studieskolen director

    Qasim Shaikh, Managing Director of Studieskolen since August 2024, comments on the survey, pointing out that more Danes are becoming uncomfortable with English replacing Danish: “More internationals should consider learning the language. It would make their lives here easier.”

Connect club

Connect Club is your gateway to a vibrant programme of events and an international community in Denmark.

Sign up here

Career

Want to advertise your job with CPH Post?

Contact us

Jobs