Net zero by 2045

EKF’s activities will be carbon neutral no later than 2045. This is the key target of our new climate policy, in which a gradual stop for export financing of fossil projects and more green export are some of the key levers in achieving net-zero emission. By 2030, EKF anticipates financing green projects worth EUR 20bn.

11/03/2021

Today EKF launches its new climate policy, designed to make the world’s greenest export credit agency even greener, and the new policy puts forward an ambitious net-zero target by 2045.

Green projects already account for roughly 70% of EKF’s total exposure today, but EKF CEO Peder Lundquist wants to raise the bar going forward:

“We commit to addressing climate change. Today, most of our activities are already within climate-related exports, but we have a big task ahead of us in further contributing to the green transition of key industries. We see this as our obligation as a global climate leader. In addition, we expect green export financing to become an increasingly important competitive advantage for Danish companies internationally in the years to come,” Peder Lundquist says.

Export credit mobilizes private capital

Denmark plays a prominent role in the global green transition, not least due to Danish strongholds in wind energy. A position that needs to be strengthened in the future through new green technologies such as Power-to-X, according to Peder Lundquist:

We have to make sure that cutting-edge Danish green technologies keep making their way to the global stage to support Denmark’s role in the global green transition. EKF plays a central role in the export of Danish green solutions, and the past ten years alone, we have co-financed 120 wind farms, mobilizing private capital worth EUR 54bn. We will continue to increase our risk appetite, for instance within Power-to-X, which holds a very big potential for Denmark and Danish companies

New green projects worth EUR 20bn

EKF’s net-zero ambition is built on the targets of the Paris Agreement to limit the global warming temperature rise to 1.5 degrees C as well as Denmark’s target to reduce CO2 emissions by 70% no later than 2030. From 2022-2030 EKF targets to finance green projects worth EUR 20bn.

In addition to ensuring that EKF operates in accordance with global and national climate targets and rules, the climate policy is designed to strengthen Danish leadership in climate technology and the green transition. 

The path to net zero is built on four guiding principles:

  • Maintain EKF’s global position in renewable energy
  • Demonstrate global leadership in the international negotiations on climate and export financing
  • Trailblaze financial solutions to promote the green transition of energy-heavy companies
  • Phase out financing of projects that are incompatible with the green transition.

Read more

You can read the more about our net-zero efforts here and find our climate policy here