Finnvera joins the international Net-Zero Export Credit Alliance – The goal is to take part in defining what a net zero ECA could look like

13.11.2024

Finnvera becomes a member in the international Net-Zero Export Credit Alliance of ECAs and Exim banks. The membership was published November 13^th 2024 in Baku, in the UN Climate Change Conference, COP29.

World’s first net-zero alliance comprising public finance institutions founded in 2023, the UN-convened Net-Zero Export Credit Agencies Alliance, gathers ECAs and ExIm banks committed to Paris-aligned greenhouse gas emission targets by 2050. Furthermore, the alliance focuses on collecting and systematising the best practices on climate action, monitoring and reporting as well as building a consensus view among leaders on what a net zero ECA could look like.

The NZECA was launched in December 2023 at COP28 by eight leading export credit agencies in partnership with the Innovation and Knowledge Hub at the University of Oxford and the Future of Climate Cooperation, and has so far focused on collecting and systematizing the best practices of ECAs and ExIm banks on climate action and building a consensus view among leaders on what a net zero ECA could look like.

The founding members of the NZECA are EIFO (Denmark), EKN and SEK (Sweden), EDC (Canada) and UKEF (the United Kingdom). In addition, there are three affiliate members: Cesce (Spain), ECI (UAE) and KazakhExport (Kazakhstan). Along with Finnvera, the total number of affiliate and full members turns to 9 ECAs worldwide.

“We are pleased to join the NZECA, an alliance that focuses on enabling exports, which is essential for Finnvera and Finnish export companies. International agreements ensure a level playing field for everyone. Our aim is to be among the leading export credit agencies in influencing how emission targets are defined and how they are promoted in export credit operations”, says Juuso Heinilä, CEO at Finnvera.

Members commit to publishing greenhouse gas emission data and reporting annually on measures and progress made in line with the commitment.

The NZECA seeks to work closely with other existing consortiums of export credit and export guarantee institutions, such as the Berne Union and the intergovernmental E3F coalition (The Export Finance for Future), which has phased out fossil fuel export finance, with well-defined exceptions. Finnvera is a member in Berne Union and implements the goals set by the State of Finland in the E3F coalition. Finnvera also has defined a climate target and climate strategy for its operations in line with the Paris Climate Agreement.

Like other financing sector-specific Net-Zero alliances, i. a. the Net Zero Banking Alliance, the NZECA operates under the Glasgow Financial Alliance for Net Zero (GFANZ). NZECA works in partnership with the University of Oxford, Future of Climate Cooperation and UNEP FI.

Jussi Haarasilta, Executive Vice President, Large Corporates at Finnvera will also join the NZECA Steering Group, the Alliance’s main governance body.