UK Export Finance (UKEF) has pledged to become net zero by 2050.
Through its new climate strategy, the country’s export credit agency will increase its support for clean growth, renewables and climate adaptation exports.
UKEF currently has a £50 billion capacity to support UK exports through loans and insurance. Through the new agreement, this capacity will be entirely carbon-neutral by 2050 on a net basis.
It hopes its actions can inspire more financial institutions to take action ahead of COP26 in less than 50 days.
Anne-Marie Trevelyan, International Trade Secretary, said: “UKEF’s net zero pledge shows the UK’s climate leadership and is an encouragement for other countries to follow suit.
“Its world-leading financial products help British businesses capture billions of pounds worth of foreign deals, boost green exports and give hope that temperatures can be kept in check.”