France on Sept. 26 reaffirmed it will stop providing export finance guarantees for all fossil fuel projects from next year, writing the commitment into its 2023 finance bill.
After a U.N. climate summit in Glasgow last year, President Emmanuel Macron’s government signed up to a commitment to end public financing of unabated oil, gas and coal from 2023.
Enacting that commitment, the 2023 budget bill presented on Sept. 26 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,” Finance Minister Bruno Le Maire said as he presented the bill.
Prior to its commitment last year, France had previously adopted an end-date of 2035 for the public financing of gas projects.
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