The UN-convened Net-Zero Export Credit Agencies Alliance (NZECA) unites leading public finance institutions committed to delivering net-zero economies by 2050 by supporting the decarbonisation of trade and facilitating joint action from public and private finance.
Launched at COP28 by five founding members and three affiliate members in partnership with the University of Oxford, Future of Climate Cooperation and UNEP FI, this first-of-its-kind net-zero finance alliance consists of global public finance institutions that together supported an estimated $120 billion in international trade in 2022.
NZECA members have committed
- Transition all operational and attributable greenhouse gas (GHG) emissions from business activities in alignment with the path to net zero by mid-century, or sooner, consistent with a maximum temperature rise of 1.5°C above pre-industrial levels by 2100.
- Publish GHG emission data and evidence annually to showcase action in line with the commitments. This includes issuing relevant international or national GHG emissions reporting protocols and climate portfolio alignment methodologies.
The Alliance includes a number of affiliate members that wish to commit to the goal of reaching net zero but require some support as they start their journey. They pledge to support the goal of attaining net-zero greenhouse gas emissions and advancing a just transition. Peer knowledge sharing with leading export credit agencies will help them accelerate their transition to net zero.
Members Commitment Statement
Read the commitment statement NZECA members have signed
Affiliate Members Commitment Statement
Read the commitment statement NZECA affiliate members have signed
Partners: Oxford University Innovation Hub | Future of Climate Cooperation
Advisor: Glasgow Financial Alliance for Net Zero (GFANZ)
Race To Zero’s expert peer review group has confirmed that the commitments signed by the members of the NZECA meet Race To Zero’s criteria to become its partner and set a credible pathway to net zero by 2050.
Insights from our leadership
Inger Andersen, Executive Director, UN Environment Programme
“Public finance has been the missing piece in the net-zero financial landscape. Export Credit Agencies are in a strong position to deliver more sustainable global trade and to complement the work already being undertaken by the private finance sector, helping to address market gaps to deliver net-zero economies by 2050. This Alliance will play an important role in supporting tangible economic transition and help countries implement their commitments under the Paris Agreement.”
Mark Carney, UN Special Envoy for Climate Action and Finance and Co-Chair of GFANZ
“The net-zero transition means more competitive economies, new jobs, and higher growth, all of which help Export Credit Agencies (ECAs) to fulfil their mandates. We applaud the efforts of leading ECAs to scale climate finance and look forward to working with the new alliance to build the economies that our citizens need and future generations deserve.”
Peder Lundquist, CEO, Export and Investment Fund of Denmark (EIFO)
“Climate change is imminent, and the transition away from fossil fuels is more important than ever to keep the 1.5 or even 2-degree goals alive. All levers need to be pulled, and all sectors need to transition. This is why a global net-zero alliance for public financing institutions such as ECAs and EXIMs is important. Policymakers and CEOs can set the direction – however, we need scientific and well-documented advice on how to implement, and this is what the NZECA alliance convened by UNEP FI can deliver.”
Tim Reid, CEO, UK Export Finance
“ECAs are in a very strong position to deliver more sustainable global trade and to complement the work already being undertaken by the private finance sector, helping to address market gaps to deliver net-zero economies by 2050. NZECA will play an important role in supporting real economy transition and help countries implement their commitments under the Paris Agreement.”
Magnus Montan, CEO, SEK
“Climate change is one of the biggest challenges of our time. As a bank that is part of the Swedish export finance system, we play a crucial role supporting our customers and society at large in transitioning to a low-carbon future. SEK welcomes this initiative and the opportunity to join forces with other export credit agencies to reach the targets set out in the Paris Agreement.”
Lorraine Audsley, Senior Vice-President and Chief Risk and Sustainability Officer, EDC
“As Canada’s export credit agency, we play an important role in supporting the Canadian economy and the global energy transition through our commitment to reach net-zero emissions by 2050, and we are pleased to be a founding member of this UN-convened alliance. Our collective efforts as an ECA community will have a greater impact by sharing our knowledge, learnings and holding one another accountable on the path to net zero.”
Carmen Vara, State Account Business Division Director, Cesce
“Adherence to this initiative is a significant milestone for our company and a step forward among the various actions we undertake in the framework of the Cesce Climate Change Strategy. Its fulfilment is an unequivocal demonstration of the performance carried out in recent years and reaffirms Cesce’s commitment to carbon neutrality.”
Export credit agencies interested in joining the alliance, should contact Elena Koritchenko, NZECA Project Lead, UNEP FI
For media requests, please contact Sally Wootton, Communications Lead, UNEP FI
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