With a few exceptions, there will no longer be any public Danish financing and export promotion for fuels in the energy sector abroad. The government has decided this, the Ministry of Climate, Energy and Utilities writes in a press release.
With the new policy, Denmark is helping to reduce the flow of money to black energy sources and will lead the international community in the green transition.
- We must push the world in a green direction, not black. Last year, the government decided to completely stop export financing for coal-fired power and thermal coal. The recent G20 summit has now also agreed to this. Therefore, the government will press for us to also close the treasury for oil and gas investments abroad. The investments of the future lie in offshore wind, solar cells and green fuels, says Climate Minister Dan Jørgensen.
Specifically, the stop will apply to export financing via EKF Denmark's Export Credit Agency, export promotion via the Trade Council and investments in the Investment Fund for Developing Countries (IFU). In addition, the government will have a restrictive Danish line in the multilateral banks.
The new policy will come into effect from the beginning of 2022. However, there will still be a few exceptions. 'In special cases' – primarily relating to natural gas – certain activities can thus continue to be supported until 2025. This is done at the same time as a number of strict conditions. For example, that it does not slow down the transition to renewable energy, the ministry states.
The government also states that it will work internationally to get other countries to implement a similar stop.
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