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On 4 December 2023, at COP28, eight leading export finance institutions, in partnership with the University of Oxford's Centre for Innovation and Knowledge, the Future of Climate Cooperation and the United Nations Environment Programme Financing Initiative (UNEP FI), launched the United Nations-convened Alliance of Net Zero Export Financial Institutions (NZECA), the first net-zero financing coalition of global public financial institutions, comprised of five founding members and three affiliates in partnership with the University of Oxford, The Future Climate Partnership and the United Nations Environment Programme (UNEP) financial institutions. Together, they supported an estimated $120 billion internationally** in 2022.
With five founding members and three affiliates from geographically diverse regions such as Europe, the Middle East and North America, the Net Zero Alliance is one of the world's largest export credit agencies. In 2022 alone, these ECAs provided around $120 billion in support to the world**, providing financial and other services, such as insurance and guarantees, to facilitate the international exports of local companies. The export credit industry has a huge global presence, with up to US$28 trillion international** (80% to 90%) relying on export finance, most of which is provided through export credit agencies and export-import banks.
Net Zero ECA Alliance members commit to:
By mid-century or earlier, it is 1. above pre-industrial levels by 2100A 5°C maximum temperature rise shifts all operations and attributable greenhouse gas (GHG) emissions from business activities to net-zero emissions. Publish greenhouse gas emissions data and evidence annually to demonstrate actions in line with commitments. This includes the publication of relevant international or national GHG emissions reporting protocols and climate portfolio adjustment methodologies. The coalition includes affiliate members who want to commit to the goal of net-zero emissions but need some support as they embark on their journey. They pledged to support the goal of achieving net-zero greenhouse gas emissions and advancing a just transition. Sharing peer-to-peer knowledge with leading export credit agencies will help them accelerate their transition to net zero.
Coalition members also pledged to end new direct support for the fossil fuel energy sector by the end of 2024 and to support and implement the Statement on International Public Support for the Clean Energy Transition, issued in Glasgow in 2021 by 39 countries and development agencies.
Photo: United Nations Environment Programme, UNEP).
The Alliance will be managed by a secretariat based in the financial institutions of the United Nations Environment Programme. Its commitments, governance and accountability mechanisms will reflect the commitments, governance, accountability mechanisms of the existing coalition of private financial institutions (net zero asset owners, banks and insurance unions) convened by UNEP financial institutions, and will complement the efforts of other existing climate change action networks of export credit agencies, as well as national commitments. This will help to streamline and strengthen ongoing efforts within the financial sector and within public and private financial institutions.
The Alliance of Net Zero ECAs will have a dedicated track for climate solutions and transition finance – some members of the coalition have already committed between $2 billion and $6.5 billion each for green technologies.
Photo: Professor Han Jianlin, an expert from the Green Society. Green will be integrated media).
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