Britain’s export credit agency said that they aim to achieve net zero carbon emissions across its investments by 2050. This is by increasing its support for green exports. UK Export Finance‘s (UKEF) move is following after a commitment in April. This UKEF fund is to end support for fossil fuel projects overseas. This is also ahead of Britain hosting global talks on climate change. It also follows criticism from campaigners. UKEF has a capacity of 50 billion pounds.
This is mainly to support exports through loans, insurance and guarantees. They said that it would be carbon neutral. It will be in line with the aims of the Paris Agreement on climate. UKEF, which provided 12.3 billion pounds in support for UK companies. They said that they have planned to increase financial support for exports, mainly for which are linked to renewable energy and for activities on adapting to the climate change impacts. UKEF CEO Louis Taylor said that they must take urgent action to respond to the threat of climate change. This is to have a chance of limiting global warming. They also have pledged to decarbonise all of their operations and financial portfolio. The demand for green trade is expected to be worth 1.8 trillion pounds a year by 2030. A Board of Trade report had estimated that 170 billion pounds of export sales in goods and services will be delivered for Britain by 2030.