France to halt fossil fuel export guarantees next year

09/26/2022 | 07:41am

PARIS, Sept 26 (Reuters) - The French government will stop providing export finance guarantees for all fossil fuel projects from next year, Finance Minister Bruno Le Maire said on Monday.

In 2020, the government committed to stop providing state export guarantees to projects involving coal and dirty forms of oil such as shale from 2021, followed by all types of oil from 2025 and gas from 2035.

At the United Nations climate conference in Glasgow last year, the government joined an international agreement to end public funding for some fossil fuel projects from the end of 2022.

Enacting that commitment, the 2023 budget bill presented on Monday says that export guarantees will no longer be given from January for all upstream and downstream fossil fuel projects.

"France will give no more export guarantees for any fossil fuel projects from exploration to refining and including transport," Le Maire said as he presented the bill. (Reporting by Leigh Thomas, Editing by Louise Heavens)

Reuters 2022
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