Monday 11 December 2023

UKEF joins global alliance to help export finance reach net zero

UK Export Finance (UKEF) has joined an international alliance to promote the role of export credit in supporting global net zero goals.

The export credit agency (ECA) has become a founding member of the Net Zero Export Credit Agencies Alliance, supported by the UN's Environment Programme Finance Initiative, which was launched at the COP28 climate summit.

The partnership will promote greater action from export credit agencies and EXIM banks in achieving net zero emissions by 2050 and will collaborate with the Glasgow Financial Alliance for Net Zero.

The alliance currently includes UKEF, Export and Investment Fund of Denmark (EIFO), Export Development Canada (EDC), the Swedish National Export Credits Guarantee Board and Swedish Export Credit Corporation (EKN and SEK) as full members.

ECAs from the UAE, Kazakhstan and Spain have also joined the alliance as affiliates.

UKEF has committed to reach net zero in terms of its total financed emissions by 2050 and previously ended all new support for overseas fossil fuel projects in 2021.

UKEF CEO Tim Reid said: “Export credit agencies play a crucial role in helping businesses to transition towards net zero and shifting finance flows towards climate-friendly projects and investments. This new alliance mobilises export finance in support of a common goal: achieving global net zero by 2050 and limiting global warming to 1.5 degrees.

“I look forward to working with UKEF’s counterparts around the world to support this journey.”