Hollande declares end of export credits for coal

President of France, Francois Hollande has told an environmental conference that the government is ending its support for companies who develop coal-fired power projects abroad.

His statement contradicts European Union policy on the subject, which was leaked in July.
Speaking at the annual environmental conference he said, “Eventually, subsidies to all fossil fuels should be phased out. We are eliminating all export credits in the support that we give to developing countries whenever coal is used.”

Hollande’s comments run contrary to the recently leaked EU policy paper.

While Brussels plans to phase out subsidies for domestic coal plants by 2018, the paper prepared by officials from the European Commission trade department recommended that export credits, or preferential loans to help cover exports costs, should be continued for the most modern coal plant technology.

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