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Export credit agencies (ECAs) are lagging private financial institutions in setting targets for reaching net zero greenhouse gas emissions and are missing opportunities as the energy transition gets underway. That’s the argument of a University of Oxford paper published last week by a group of five researchers, including experts in trade, law and economics. Former Bank of England governor Mark Carney says in the paper’s foreword that ECAs “are increasingly conspicuous by their absence” in efforts by financial institutions to back a transition away from fossil fuels. Seven European countries announced in April they intend to wind down finance to fossil fuels and boost sustainable financing, but stopped short of setting emissions reduction targets.

Andreas klasenMark carneyBerne unionInstitute forUniversity of oxfordEuropean unionDevelopment canadaGermany offenburg universityProfessor andreas klasenOffenburg universityOfficially supported export creditsExport development canadaWestern europeகுறி கார்னிபெர்ன் தொழிற்சங்கம்நிறுவனம் க்கு