Initiatives & Policy Dialogues >>
Export Credit Agencies
INITIATIVE OVERVIEW
Export credit agencies (ECAs) are either private companies operating on behalf of a country’s government or public agencies themselves that provide support for the export of goods and services of national companies. In fact, ECAs are the single largest group of internationally active public finance institutions supporting fossil fuel investments. ECAs are hitherto an under-researched contributor to the lock-in of fossil fuel infrastructure but can play a decisive role in promoting the global climate transition if reformed.
GOAL & VISION
“Official export finance support to fossil fuels is not compatible with the letter and the spirit of the Paris Agreement and remains a major barrier in the global transition towards clean and sustainable energy system. Perspectives’ research identifies remaining gaps in Paris alignment of export finance and provides policy recommendations to Export Credit Agencies around the world, their respective governments and the civil society, feeding into the ongoing reform processes at the national and international levels.”
PERSPECTIVES’ PARIS ALIGNMENT METHODOLOGY FOR ECAS
Following an initial study on external and internal climate change policies for export credit and insurance agencies, in 2021, Perspectives Climate Research developed the first dedicated Paris alignment methodology for ECAs. The methodology permits the assessment and comparison of individual ECAs and their respective governments across five weighted dimensions underpinned by a total of 72 benchmark criteria:
1. Transparency: Financial and non-financial disclosures (20%)
2. Mitigation I: Ambition of fossil fuel exclusion or restriction policies (40%)
3. Mitigation II: Climate impact of and emission reduction targets for all activities (20%)
4. Climate finance: Positive contribution to the global climate transition (10%)
5. Engagement: Outreach and ‘pro-activeness’ of the ECA and its governments (10%)
Research reports
Research Reports
- 11/2024: Paris Alignment of Export Credit Agencies: Best Practice Guide
- 10/2024: Paris Alignment of ECAs: Denmark
- 08/2024: Paris Alignment of ECAs: Finland
- 08/2024: Paris Alignment of ECAs: Sweden
- 01/2024: How can SACE progress towards Alignment with the Paris Climate Agreement?”
- 10/2023: Alignment of US EXIM with the US climate and development policy
- 05/2023: Paris Alignment of ECAs: South Korea (K-Sure and KEXIM)
- 03/2023: Paris Alignment of ECAs: France (Bpifrance Assurance Export)
- 01/2023: Paris Alignment of ECAs: Italy (SACE)
- 11/2022: Paris Alignment of ECAs: The United States (EXIM)
- 04/2022: Greening UK Export Finance
- 02/2022: Paris Alignment of ECAs: Canada (Export Development Canada)
- 10/2021: Paris Alignment of ECAs: Japan (NEXI and JBIC)
- 10/2021: Paris Alignment of ECAs: The Netherlands (Atradius DSB)
- 09/2021: Paris Alignment of ECAs: Germany (Euler Hermes)
- 09/2021: Aligning Export Credit Agencies with the Paris Agreement
- 03/2020: External and internal climate change policies for export credit and insurance agencies
Opinion Articles
- 10/2024: “Switzerland is insuring fossil fuel exports again. In doing so, it risks damaging its international reputation“, guest commentary in the Neue Zürcher Zeitung
- 06/2024: “Why all Export Credit Agencies need to be on board to phase out fossil fuels”, blog post for the University of Sussex’ SUS-POL research programme
- 03/2024: “US Export-Import Bank bucks the green finance agenda – to its own detriment”, coverage in Impact Alpha
- 09/2023: “Making export finance fit for the Paris Agreement”, in the One Earth Journal
- 04/2022: “Why the world needs less oil and gas, and what Canada can do to keep 1.5°C alive”, opinion piece in the Canadian the Hill Times
- 11/2021: “Export finance must be aligned with the Paris Agreement”, blog post on Ideas4Development (Agence Française de Développement, AfD)
- 09/2020: “G20 governments must urgently align their export credits with the Paris Agreement”, blog post on Ideas4Development (Agence Française de Développement, AfD)
Outreach activities
- 11/2024: Side-event on Export Finance at the Nordic Pavilion at COP29: “Paris Alignment of Export Credit Agencies: Lessons learned from the Nordics and other OECD countries” (from 5:48:40-6:43:40)
- 12/2023: Side-event on Export Finance at the Nordic Pavilion at COP28
- 11/2023: Presentation at the OECD Export Credits Forum
- 10/2023: Oxfam America Webinar “Is EXIM aligned with the US climate policy?”
- 03/2023: Presentation at I4CE – Institute for Climate Economics (Paris)
- 02/2023: Host of the second roundtable on OECD Arrangement Reform with CSOs and researchers
- 12/2022: Roundtable at the U.S. EXIM Bank (Washington D.C.), discussing the US case study with Reta Jo Lewis, President and Chair of EXIM, and CSOs
- 11/2022: Moderation of a panel at the OECD Export Credits Forum on reforming the Climate Change Sector Understanding (CCSU)
- 11/2022: Presentations at COP27 side events at the IDFC Pavilion and the Italian Pavilion
- 09/2022: Presentation at the International Conference on Fossil Fuel Supply and Climate Policy: “Aligning officially supported export finance with the Paris Agreement”
- 07/2022: Host of first roundtable on OECD Arrangement Reform with Civil Society Organisations and researchers
- 05/2022: Presentation at the 7th OECD Investment Treaty Conference: “Aligning Finance Flows with the Paris Agreement Overview and experiences from the export finance system”, building on a previous contribution to the OECD public consultation on investment treaties and climate change (03/2022)
- 11/2021: Presentations at COP26, side event: “Aligning export finance with the Paris Agreement: high time to phase out fossil fuels”
- 07/2021: Host of a public webinar, “Launch of the ECA Paris Alignment Methodology”
- 05/2021: Presentation at the Climate Expo: “Aligning Export Credit Agencies with the Paris Agreement”
Media appearances
- 11/2024: “Export credit alliance offers toolkit for ECAs to hit net zero“, coverage in Global Trade Review (GTR)
- 11/2024: “International – ECA alignment“, coverage in Carbon Pulse’s CP Daily
- 08/2024: “Swiss Export Credit Agency SERV finances long-term fossil fuel projects”, coverage in SRF News
- 08/2024: “Export Credit Agencies and Fossil Finance with Perspectives Climate Research”, coverage in ‘Shaken Not Burned’ podcast
- 02-03/2024: “The fossil-fuel-promoting agency that Biden seems powerless to stop “, coverage in E&E News and Politico
- 02/2024: “US trade agency backs oil and gas drilling in Bahrain despite Biden pledge”, coverage in Climate Home News
- 02/2024: “Two Climate Advisers Quit U.S. Export-Import Bank Over Fossil Fuel Plans“, coverage in The New York Times (NYT)
- 10/2023: “US Exim urged to put “absolute limits” on fossil fuel projects: report”, coverage in Global Trade Review (GTR)
- 10/2023: “Politics and promises: Are ECAs falling behind on climate finance?”, coverage in Global Trade Review (GTR)
- 09/2023: “Campaigners urge US Exim to oppose gas project in Papua New Guinea“, coverage in Global Trade Review (GTR)
- 05/2023: “Garanties à l’export : la France n’est pas encore alignée sur l’Accord de Paris, coverage in Novethic
- 11/2022: “US Exim lags on climate despite Biden’s pledges, report says”, coverage in Global Trade Review (GTR)
- 04/2022: “UK should halt support for overseas gas projects”, coverage in Business Green
- 02/2022: “Canada’s export credit agency needs to clean up its act on climate”, coverage in Canada’s National Observer
