UKEF targets net zero emissions by 2050

(Energy Live News, London, 23 September 2021) The UKEF has committed to making all of its £50 billion capacity carbon-neutral by 2050 on a net basis. Through its new climate strategy, the country’s export credit agency will increase its support for clean growth, renewables and climate adaptation exports. UKEF currently has a £50 billion capacity to support UK exports through loans and insurance. Through the new agreement, this capacity will be entirely carbon-neutral by 2050 on a net basis. It hopes its actions can inspire more financial institutions to take action ahead of COP26 in less than 50 days. Anne-Marie Trevelyan, International Trade Secretary, said: “UKEF’s net zero pledge shows the UK’s climate leadership and is an encouragement for other countries to follow suit. Meanwhile, a South West Business Council survey of companies finds many are not prepared to tackle emmissions and many have yet to be convinced about the economic benefits of going green and want financial support to achieve it.