Backing helps UK businesses to support the construction of hospitals, electric railways, and offshore wind projects across the globe.
The export credit agency has now provided over £7 billion to sustainable projects since 2019, according to Trade & Export Finance Limited (TXF).
At TXF’s Global Export Finance Conference in Lisbon on 7 June, UKEF received recognition for its work in sustainable finance on three specific transactions:
- £210 million to support the construction of an offshore wind facility in Taiwan, helping to power over 650,000 homes
- £130 million for six new hospitals in Côte D’Ivoire, reaching a combined catchment of more than 1 million people
- £1.1 billion to help fund the construction of a 503km high-speed electric railway from Ankara to Izmir, a lower-carbon alternative to current air and road routes
“2021 was the year where UKEF has led the world of export finance into a more sustainable future,” UK Export Finance CEO Louis Taylor said.
“I am proud that our work in leading the way globally has been recognised today and we will continue to use the power of our finance to make the world a better, more prosperous, and sustainable place.”
In 2021, UKEF became one of the first export credit agencies to launch a climate change strategy and commit to decarbonising its existing portfolio by 2050.
To do this, it intends to increase its support for sustainable projects using its £50 billion capacity to support UK exports and align with the government’s ten-point plan for a green industrial revolution.
UKEF helps foreign countries finance important infrastructure projects if they commit to sourcing goods and services from the UK.
This creates new export opportunities for UK companies and supports jobs.
Other sustainable projects backed by UKEF in 2021 include:
- £260 million to support a solar facility in Türkiye, capable of providing up to 20% of the country’s energy production and enough power for two million homes.
- £150 million for the 2nd phase of construction of a market in Ghana, improving environmental and health and safety measures.
- £42 million to support the export of 87 emergency bridges for use in flood-hit areas across Ghana.
- £38 million for the construction of the Sharjah Environment Company LLC green headquarters powered by solar energy in the UAE.