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A coalition to green public financing for exports

2021-04-13T20:22:47.665Z

DECRYPTION - France hopes that the United States will soon join this agreement. This Wednesday, seven governments - France, Denmark, Germany, Spain, the Netherlands, Sweden and the United Kingdom - are launching the Export Finance for Future (E3 F) coalition. Gathered virtually and behind closed doors, under the chairmanship of the French Minister of Finance, Bruno Le Maire, they "will adhere to a set of principles to better integrate the objectives of climate policy into pub



This Wednesday, seven governments - France, Denmark, Germany, Spain, the Netherlands, Sweden and the United Kingdom - are launching the Export Finance for Future (E3 F) coalition.

Gathered virtually and behind closed doors, under the chairmanship of the French Minister of Finance, Bruno Le Maire, they

"will adhere to a set of principles to better integrate the objectives of climate policy into public financing of exports"

, underlines Bercy.

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"We no longer want to finance elsewhere what we no longer want to finance at home, otherwise, it's hypocrisy,"

said Bruno Le Maire.

France decided to tackle this subject two years ago, when there was no public policy in favor of greening export financing.

Thus, since January 1, 2021, State export guarantees have been prohibited for the most controversial fossil fuel projects;

in 2025, this will concern all oil projects, and in 2035 all gas projects.

Paris does not rule out being even more ambitious on the calendar.

But

"it is time for this strategy to become European, we cannot do it alone"

, insists the Minister of the Economy.

The coalition - which represents 45% of all export credit financing from OECD countries - will sign three commitments in this area: the end of support for the fossil fuel sector, increased financial support for sustainable projects and full transparency. on the action of each State, via the publication of the carbon footprint of its portfolio of guarantees.

France hopes that the United States will soon join this coalition.

Source: lefigaro

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