EKN’s Sustainability Policy has been updated
The policy clarifies EKN’s approach in export transactions to operations with high negative climate impacts. The new wording is in line with the adaptation that EKN has done in the past years.
When EKN assesses the possibility to issue an export credit guarantee, the starting point is the Paris Agreement’s 1.5-degree target and consideration of, for example, lock-in effects and transition plans.
The policy also contains an appendix in which EKN’s approach to fossil fuels has been updated.
Coal value chain
• EKN does not issue guarantees for export to coal-related operations such as coal mines, coal-fired power plants or transportation of coal.
Exploration of oil and gas
• EKN does not issue guarantees for export to unconventional extraction methods of oil and gas.
• EKN does not issue guarantees for export to new or expanding oil- and gas extraction.
• After 31st December 2022, EKN will not issue any guarantees for export to exploration and extraction of oil and gas.
Oil- and gas-fired power plants
• EKN does not issue guarantees for export to new or expanding oil-fired power plants.
• For export to new or expanding gas-fired power plants, guarantees may be issued if the end-user has transition plans in line with the Paris Agreement 1.5-degree target, for example carbon capture and storage.
• For export to new or expanding gas-fired power plants in countries with large development needs or for reconstruction after war, EKN may – until 31st December 2023 – issue guarantees even if the end-user lack transition plans.