7 European countries to halt export finance for fossil fuels

Seven European countries, including Germany, France and Britain, will commit on Wednesday to stop public export guarantees for fossil fuel projects.

Seven European countries, including Germany, France and Britain, will commit on Wednesday to stop public export guarantees for fossil fuel projects, French Finance Minister Bruno Le Maire said on Tuesday. Coal, oil and gas infrastructure have traditionally made up a large share of the portfolios of many countries' public export finance agencies, which support exports through state-backed financing guarantees and insurance against losses abroad. Spain, the Netherlands, Denmark and Sweden are the other four countries to back the initiative.