Finnvera Joins Net-Zero Export Credit Alliance to Drive Global Sustainability in Export Finance

Finnvera Joins Net-Zero Export Credit Alliance to Drive Global Sustainability in Export Finance

(IN BRIEF) Finnvera has joined the Net-Zero Export Credit Alliance, a global network of export credit agencies committed to reducing greenhouse gas emissions in line with the Paris Agreement. The move supports Finnvera’s goal to shape the future of export finance by contributing to the development of sustainable export credit practices and emissions reduction targets.

(PRESS RELEASE) HELSINKI, 14-Nov-2024 — /EuropaWire/ — Finnvera has officially joined the Net-Zero Export Credit Alliance (NZECA), marking a significant milestone in its commitment to supporting sustainable export practices. The announcement, made on November 13, 2024, was revealed at the UN Climate Change Conference (COP29) in Baku. The NZECA, founded in 2023, is the world’s first net-zero alliance of public finance institutions, bringing together export credit agencies (ECAs) and export-import banks (ExIm) that are dedicated to meeting the Paris-aligned greenhouse gas emissions targets by 2050.

This alliance, initiated at COP28 in December 2023, aims to establish best practices for climate action, monitoring, reporting, and set a clear path for what a net-zero ECA should look like. It also seeks to build consensus among global leaders on how to implement effective emissions reductions in export credit operations. The founding members of NZECA include EIFO (Denmark), EKN and SEK (Sweden), EDC (Canada), and UKEF (United Kingdom), with affiliate members such as Cesce (Spain), ECI (UAE), and KazakhExport (Kazakhstan). With Finnvera’s inclusion, the alliance now has nine members worldwide.

“We are excited to be part of the NZECA, as it aligns with Finnvera’s goal to influence how emissions targets are defined and integrated into export credit operations,” stated Juuso Heinilä, CEO of Finnvera. “Being part of an international agreement that fosters a level playing field is crucial for Finnvera and Finnish export companies, and we look forward to contributing to this collective effort.”

As part of their commitment, all members of the NZECA agree to publish greenhouse gas emission data and report annually on the progress made in meeting their emissions targets. The NZECA also works closely with other export finance organizations, including the Berne Union and the E3F coalition (Export Finance for Future), which is focused on phasing out fossil fuel export finance while offering well-defined exceptions. Finnvera is an active member of the Berne Union and adheres to the goals set by the E3F coalition, in line with Finland’s climate objectives.

The NZECA, which operates under the Glasgow Financial Alliance for Net Zero (GFANZ), partners with institutions such as the University of Oxford, the Future of Climate Cooperation, and the UN Environment Programme Finance Initiative (UNEP FI) to further its mission. In addition, Jussi Haarasilta, Finnvera’s Executive Vice President for Large Corporates, will join the NZECA Steering Group, helping to guide the alliance’s strategic direction.

Media Contact:

Jussi Haarasilta
Executive Vice President
Large Corporates
tel.: +358 29 460 2601

SOURCE: Finnvera