At the Ecofin Council meeting in Luxembourg on Tuesday 17 October, EU finance ministers approved conclusions on Climate Finance ahead of the meeting of the United Nations Framework Convention on Climate Change (UNFCCC) to be held in Dubai, United Arab Emirates, from 30 November to 12 December 2023 (COP28) (see EUROPE 13271/6).
As part of the decision taken in Glasgow and Sharm-el-Sheikh to accelerate efforts towards the phase-down of unabated coal power and phase-out of inefficient fossil fuel subsidies, ministers called on multilateral development banks and other development financial institutions, as well as export credit agencies, to stop financing fossil fuel projects as soon as possible.
The EU Council also reiterated its call to the European Commission to reach an agreement within the OECD on the ban of officially supported export credits for projects in the fossil fuel sector.
Member States hope to set their own science-based deadlines in their national policies by the end of 2023 for ending publicly supported export credits for fossil fuel projects. They also welcomed the modernisation of the OECD’s Arrangement on officially supported export credits which creates new incentives to support a wider range of climate-friendly transactions.
To read the conclusions: https://aeur.eu/f/93a (Original version in French by Anne Damiani)