Netherlands joins in to end fossil fuel funding abroad

The Netherlands today said it will join a group of 25 countries and institutions to end public financing of unabated coal, oil and gas projects overseas by the end of 2022.

The initial pledge, signed at the UN Cop 26 conference in Glasgow on 4 November, seeks to prioritise financing of green projects, but the details still need to be ironed out.

The US, Canada and the UK are among the countries committed to stop new direct support to fossil fuels by 2022, along with Denmark, Finland, Mali, Costa Rica and South Sudan. The European Investment Bank (EIB) is also party to the deal.

"Dutch development bank FMO had already signed up to the statement but not the Dutch government as a whole," campaign group Oil Change International said. "Today's announcement by the Netherlands means that the Dutch export credit agency — Atradius Dutch State Business, which is responsible for about €1.5mn ($1.74mn) in public support for fossil fuels overseas — will also need to end financing for oil, gas and coal projects by the end of 2022."

Public investments to be shifted from fossil fuels to cleaner energy could now amount to $19bn/yr if signatories follow through with their pledges.

By Caroline Varin