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.