On Wednesday 24 November the Dutch Ministry of Finance hosted the second online conference of E3F.
The Netherlands is working together with a group of countries to make global export finance even greener: the Export Finance for Future Coalition (E3F). The event complements COP26 held in Glasgow recently, where countries signed a statement to end direct public funding for international fossil fuel energy projects by 2023. As the Dutch Export Credit Agency, Atradius Dutch State Business supported the Dutch state in the promotion and organisation of this high-level event.
We are glad to see that there is an international effort to make export finance more sustainable. Together with the E3F countries, the Netherlands has the potential to make a difference on this important topic in global exports. We will continue to cooperate with our clients and policy makers in order to establish a future-proof export credit insurance.
During the conference, it was agreed to provide more insight into green export finance and make it more measurable, so that progress can be tracked and compared, including against the Paris climate goals. In addition, the countries have agreed to increase efforts to develop new forms of green export finance and promote cooperation on this theme in international forums like the Organisation for Economic Cooperation and Development (OECD).
All members of the E3F coalition signed the COP26 statement. The statement sets out agreements to accelerate the green energy transition through new export finance policies and end government support for the fossil fuel energy sector.
Cooperation crucial
In order to monitor progress, the E3F countries have agreed to report jointly on green transactions. The first such report will be published within the next six months. The coalition will also continue to work to involve as many other countries as possible in this initiative, partly with a view to creating a level playing field. During the conference, Belgium, Finland and Italy became members of the coalition.
National measures
The government has also introduced various national measures to make export finance – specifically export credit insurance – greener. These measures involve tracking ratios of green to fossil fuel investments in portfolios and providing broader coverage options for green transactions.
In the coming year, Atradius Dutch State Business will be involved in the implementation of the E3F Principles and national policy making following the COP26.
Export Finance for Future (E3F) was launched in spring this year by Denmark, France, Germany, the Netherlands, Spain, Sweden and the United Kingdom. The E3F Statement of Principles can be found here.
Aligning International Public Support for the Clean Energy Transition. Full COP26 statement and signatories can be found here.
Atradius DSB Green export solution
Would you like to obtain more information about our green solution? Visit the Green Cover product page or contact an advisor from Atradius Dutch State Business via 020 553 26 93 or info.dsb@atradius.com.