EKF is one of the greenest export credit agencies in the world. Through our climate policy, we now commit to carbon neutrality by 2045.
EKF actively contributes to the targets of the Paris Agreement to limit global warming. Today, EKF is a global climate leader in international export credit, and to us, this offers a good starting point for doing even more in the future. Climate change affects not only the environment, but EKF's overall risk picture.
Our climate policy offers a strong platform for supporting Danish exporters in the green transition, looking towards a future in which green technology becomes an increasingly important a competitive advantage globally.
Four guiding principles
EKF's climate policy will ensure that EKF:
- Maintains its global position in renewable energy
- Demonstrates global leadership in the international work on climate and export financing
- Leads the way with financial solutions that can lift the green transition in energy-intensive companies
- Phases out funding for projects that are incompatible with the green transition
Export financing mobilizes green capital
Public export financing plays a crucial role in promoting and supporting shifts in financing patterns towards more climate-neutral projects. In the last 10 years alone, EKF has played a central role in the export of Danish energy technology, directly contributing to the construction of 120 wind farms and thereby mobilizing DKK 405bn worth of private capital globally. We will continue to be a frontrunner with new green solutions and financing models in the future.
CEO Peder Lundquist says:
Net zero - what does it mean?
By 2045 at the latest, EKF's portfolio will be carbon neutral, meaning that we set a net-zero emission target for our activities. In doing so, we will focus even more on green projects, renewable energy and green conversion than today, but also phase out fossil projects. This means that carbon emissions generated by our projects will be offset by carbon capture from other EKF projects in 2045.
Green ECA is getting greener - together with our clients
EKF is one of the world's greenest export credit agencies and we will continue to be so. To date, we have financed close to DKK 130bn in renewable energy, but we continue the ambitious work of financing the global expansion of renewable energy. In the future, EKF will actively contribute to the transition of industries with a strong carbon footprint and cooperate with energy-intensive Danish companies on their green transition
The road to net zero - now and in the future
EKF's climate policy is based on the Paris Agreement's objectives of limiting global warming to a 1,5 degree C temperature rise and Denmark's target of 70% reduction of greenhouse gases in 2030. To achieve this goal, EKF will implement a number of green initiatives.
This means, among other things, that we maintain our stop for financing of thermal coal extraction and thermal coal logistics as well as coal-fired power plants. The Danish Government has decided, effective 1 January 2022, to end public financing and export promotion services for fossil fuels in the energy sector abroad. This means that investments, projects and activities that promote fossil fuels in the energy sector abroad will no longer be eligible for support from Denmark. This is also reflected in EKF's climate policy.
In the period from 2022-2030, we anticipate to finance new green projects totalling DKK 160 billion.