Netherlands joins COP26 ban on international fuel finance – POLITICO

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Netherlands joins COP26 ban on international fuel finance - POLITICO

“This is an important acceleration,” said State Secretary for Finance Hans Vijlbrief. “A big step in the right direction to combat climate change.”

Prime Minister Mark Rutte told local media it was important to take that step while the U.N. climate talks were still going on.

Story Highlights

  • The declaration, joined by 23 other countries last week, committed governments to end their support for fossil fuels abroad by the end of 2022. The Netherlands’ average annual support was €1.2 billion per year in the last five years, according to analysts at Oil Change International.

  • A statement from the caretaker government said taking that step would mean significant changes and a “deterioration” of the competitive position of some companies that benefit from the countries’ export credit insurance scheme.