Supporting the construction of hospitals, electric railroads, and offshore wind projects around the world is made possible by UK enterprises.
With £3.6 billion in sustainable finance supplied in 2021, up from £2.4 billion in 2020, UK Export Finance leads the global league table of export credit agencies.
At a worldwide export finance conference, UKEF was also recognized for transactions in renewable energy, healthcare, and rail transportation.
During UKEF’s first year since ceasing financial support for overseas fossil fuel projects, awards were given out.
In 2021, UK Export Finance (UKEF) was the world’s top export credit agency for sustainable financing, with over £3.6 billion provided to projects in renewable energy, healthcare, and vital infrastructure.
According to Trade & Export Finance Limited, UKEF has funded over £7 billion to sustainable projects since 2019, increasing from second position last year in the global rankings (TXF).
The UK’s export credit agency was also recognized for its pioneering work in sustainable finance for three transactions, as announced at TXF’s Global Export Finance Conference in Lisbon yesterday (Tuesday 7 June).
Deal of the Year in Renewables Export Finance: £210 million to assist the construction of a huge offshore wind plant in Taiwan, which will power over 650,000 homes.
Healthcare Export Finance Deal of the Year: £130 million for six new hospitals in Côte D’Ivoire, which will serve a combined population of over 1 million people.
Export Finance Deal of the Year for Rail Transport: £1.1 billion to assist fund the development of a 503-kilometer high-speed electric railway from Ankara to Izmir, a lower-carbon alternative to present air and road links.
Louis Taylor, the CEO of UK Export Finance, stated,
UKEF lead the world of export finance into a more sustainable future in the year 2021. I am honored that our efforts to set the global standard have been recognized, and we will continue to harness the power of finance to make the world a better, more prosperous, and more sustainable place.
UKEF was one of the first export credit agencies in the world to adopt a Climate Change Strategy in 2021, committing to decarbonize its existing portfolio by 2050. To do so, it plans to use its £50 billion capacity to boost UK exports and line with the government’s Ten Point Plan for a Green Industrial Revolution by increasing its support for sustainable projects.
If foreign countries agree to sourcing goods and services from the UK, UKEF can assist them fund key infrastructure projects. This provides fresh export options for UK businesses as well as job support. In 2021, UKEF will also support the following sustainable projects:
£260 million will be spent to support Turkey’s largest solar project, which will be capable of producing up to 20% of the country’s energy and enough electricity to power two million homes.
£210 million will be used to assist build a massive offshore wind farm in Taiwan, which will power over 650,000 homes.
£150 million for the second phase of the largest market in Ghana’s construction, which would improve environmental, health, and safety standards.
£42 million will be used to facilitate the sale of 87 emergency bridges to Ghana, which will be used in flood-prone areas.
The Sharjah Environment Company LLC’s green headquarters in the UAE, powered by solar energy, cost £38 million to build.
