Unsplash / Matthew Cassidy
Germany’s Ministry for Economic Affairs has announced new climate related sector guidelines for export credit guarantees and investment guarantees that would prevent support for almost all new fossil fuel projects from 1 November onwards. A limited number of gas projects may still receive support if they fulfil national security requirements or prove they can aid short term supply shortages, which is unlikely to be the case.
Third countries are concerned about the potential drop in investment; this should be addressed by investing the billions now saved from servicing fossil fuel projects in clean energy instead.