France to invest €1B to phase out fossil fuel in developing countries

CAIRO – 7 November 2022: French President Emmanuel Macron stated Monday at COP 27 in Sharm El Sheikh that France will invest €1 billion in helping developing states lessen their use of fossil fuel.

“We won’t forfeit our climate commitments because of the Russian energy crisis,” Macron said, adding that France and other European high-income countries are committed to phasing out fossil fuel, along with aiding developing nations achieve that as well.

The French president added that expanding reliance on renewable energy is also intertwined with preserving biodiversity.

In another context, Macron hailed the prime minister of Barbados for speaking up about the shortage in soft loans directed to developing countries.

President of the European Bank for Reconstruction and Development (EBRD) had stated earlier that the Multilateral Development Banks had provided $51 billion in financing to climate adaptation projects in developing countries in 2021.