The pledge to reach carbon neutrality is the centrepiece of its 2021-24 climate change strategy, launched today (22 September) just weeks ahead of the UK’s presidency at Cop26, to be held in Glasgow. It coincides with a speech made by the Prime Minister Boris Johnson to the UN General Assembly, putting forward the case that climate mitigation and economic growth are not mutually exclusive but vital for each other’s success.
UKEF has a capacity of £50bn to support UK exports through loans, insurance and guarantees; last year, it issued £12.3bn to businesses in financial support. In line with its new target, its capacity must reach carbon neutrality by 2050.
Its climate change strategy has five elements: it aims to increase support for green exports; reduce greenhouse gas emissions from its financial portfolio; improve understanding and mitigation of its climate-related financial risks; report against climate-related commitments, enhancing transparency...