SEK and EKN report pro­gress since join­ing the UN-­convened Net-­Zero Export Credit Agen­cies Alliance

The UN-convened Net-Zero Export Credit Agencies Alliance (NZECA) has presented its first progress report in connection with the COP30 climate conference in Belém, Brazil. SEK and EKN are founding members of the Alliance, together with six other credit agencies.

Members of the NZECA are committed to aligning export support with the Paris Agreement’s 1.5-degree goal and contributing to net-zero emissions by 2050. Since the Alliance was established in 2023, its members have published a target setting protocol and phased out new direct support for the unabated fossil fuels sector. For Sweden’s part, SEK and EKN had already ceased new support for the exploration and extraction of fossil fuels by the end of 2022.

   “Export Credit Agencies are well positioned to mobilize financial resources and direct them where they can make the greatest impact for the climate and our planet. SEK is proud to be part of the Net Zero Export Credit Agencies Alliance, which reached an important milestone by publishing its first progress report at COP30,” says Magnus Montan, CEO, SEK.

   “Global decarbonization require long-term commitment and close cooperation across public finance institutions. The report shows how shared frameworks and science-based approaches can guide portfolio alignment and expand the financial products needed to support the transition. EKN is committed to contributing to this collective effort,” says Åke Nordlander, Director General, EKN.

The progress report outlines how Alliance members are operationalizing their commitments, including methodological developments, target-setting approaches, and the financial instruments being deployed to support low-carbon transition pathways. It also highlights examples of export finance enabling large-scale transition projects through collaboration between ECAs, commercial lenders, and developers.

One example featured is SEK’s and EKN’s joint support to the financing of the Eastern Green Link 2 project – a high-voltage subsea transmission connection between Scotland and England that will play a key role in the decarbonization.