Berne Union Launches New Climate Working Group (CWG)

(Berne Union, London, 17 March 2022) The group leverages the Berne Union network to connect innovation in export credit with global problem-solving around climate challenges and sustainable development. The ultimate objective of the Climate Working Group is to accelerate climate action in the export credit, trade finance and political risk insurance industries by fostering innovation and promoting alignment around low-carbon transition. The CWG is chaired by EDC's Leah Gilbert Morris, and administrated by the Berne Union Secretariat. Institutions leading the work of the CWG include: AGENCE FRANÇAISE DE DÉVELOPPEMENT (AFD); AFRICAN TRADE INSURANCE AGENCY (ATI); AXA XL; BPIFRANCE; DZ BANK; EDC CANADA; EKN SWEDEN; INVESTEC; MIGA (WORLD BANK); UK EXPORT FINANCE; US DEVELOPMENT FINANCE CORPORATION. [It will be interesting to see whether this is just another greenwashing initiative. Some 1200 supposedly ESG compliant funds with a combined $1.4 trillion in assets were recently dropped by commercial research company Morningstar from its European sustainable investment ratings, which presumably follow EU Sustainable Finance Disclosure Regulations (SFDR). EDC's role as Chair of the CWG would seem compromised by EDC's portfolio, which provided more public finance for fossil fuels than any G20 country other than China between 2016 and 2018, with EDC providing on average $13.8 billion in support to oil and gas companies each year.]