Credendo – Export Credit Agency sustainability
Corporate sustainability lies at the heart of Credendo – Export Credit Agency’s business.
We conduct our business in a manner that is socially responsible and forward-looking, taking into consideration our impact on the environment, on society, on the economy, on our stakeholders and on our people. We pay attention both to the impact of our own activity (direct impact) and to the impact of the transactions we support (indirect impact), and these considerations are also reflected in our governance. As a corporation, we go further than mere compliance with legal obligations, we strive to embrace sustainability as an integral part of our identity.
Discover more about Credendo’s corporate sustainability at this link.
Sustainability is important for Credendo as we want to generate a positive environmental and social impact, for which we have been taking actions for a long time already.
Discover in this video how we translate this to our clients, stakeholders and people.
Environmental and social risk assessment
Credendo – Export Credit Agency assesses the environmental and social risks and impacts of new applications, based on the principles described in the OECD Recommendation of the Council on Common Approaches for Officially Supported Export Credits and Environmental and Social Due Diligence (The “Common Approaches”). This review process consists of a screening followed by a classification, and of an environmental and social review of the project in accordance with international standards
On a voluntary basis, Credendo is committed to applying the principles of this recommendation for those applications that fall outside the scope of the OECD, meaning project-related cash transactions and investments. For transactions outside the OECD scope, we apply a risk-based approach.
UN Sustainable Development Goals
Because we consider the United Nations Sustainable Development Goals (SDGs) to be a global roadmap, we carefully analyse how the projects covered by Credendo – Export Credit Agency contribute to achieve these SDGs. In particular, the following SDGs are subject to our support:
- SDG 3: Good health and well-being
- SDG 4: Quality education
- SDG 6: Clean water and sanitation
- SDG 7: Affordable and clean energy
- SDG 8: Decent work and economic growth
- SDG 9: Industry, innovation and infrastructure
- SDG 11: Sustainable cities and communities
- SDG 12: Responsible consumption and production
- SDG 13: Climate action
- SDG 16: Peace, Justice and strong institutions
- SDG 17: Partnerships for the goals
Credendo – Export Credit Agency covers many projects that contribute directly to the achievement of the Sustainable Development Goals: projects related to hospitals and public health infrastructure, drinking water, wastewater treatment, waste reduction and prevention, energy efficiency, renewable energy, electricity, information and communication technology, development of economic activities including sustainable tourism, road development and public transport, and climate change.
Sustainable transition
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Energy transition from fossil fuels to clean energy
On 4 November 2021, during the COP26 summit in Glasgow, Belgium undertook to align its international public support towards the clean energy transition. Within this framework, the Board of Directors of Credendo – Export Credit Agency has defined conditions for providing support to the international fossil fuel energy sector.
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Export Finance for Future
Belgium has joined Export Finance for Future (E3F), an initiative that was launched by seven countries at ministerial level in April 2021 to align public export finance with climate goals. More specifically, the coalition aims to increase support for sustainable and climate-friendly projects and accelerate the progressive phasing out of fossil-fuel related projects. Belgium joined this coalition in November 2021 but more countries are welcome to join the initiative.
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Credendo Green Package
Credendo – Export Credit Agency launched the Credendo Green Package, a series of incentives aiming to support the projects and companies that have a positive impact on the environment, with a view to strengthening its commitment to sustainable transition.
Sustainable lending
As a guiding principle, Credendo takes due consideration of the information provided in a country’s most recent debt sustainability analysis in deciding whether or not it would be appropriate to provide export credit support to the public sector in countries covered by the OECD Recommendation on Sustainable Lending Practices and Officially Supported Exports Credits that was adopted in 2018.
When deciding to provide official export credits with a repayment term of one year or more to public obligors or publicly guaranteed obligors in lower-income countries, Credendo takes into account the results of the most recent IMF/World Bank country-specific debt sustainability analyses (DSAs) and the prevailing limits on public sector non-concessional borrowing.
Credendo – Export Credit Agency ensures that the indebtedness of poor countries under the Highly Indebted Poor Countries (HIPC) Initiative does not increase further by only accepting projects for such countries if they constitute a priority for their economic development.
Responsible business conduct
In addition to the internal policies, Credendo is dedicated to adhering to and guiding its clients to comply with established guidelines for conducting business responsibly. These guidelines include:
- the OECD Due Diligence Guidance for Responsible Business Conduct
- the OECD Guidelines for Multinational Enterprises
- the United Nations Guiding Principles on Business and Human Rights
- the United Nations Global Compact Initiative
Anti-bribery and corruption
The Anti-Bribery and Corruption Policy confirms the position of Credendo that all entities have a statutory duty to combat bribery and corruption, are committed to comply with all relevant anti-bribery and corruption regulations and will take the necessary actions to implement this position in local procedures.
What if you notice inappropriate behaviour or you are not satisfied with our service?
Although Credendo has implemented comprehensive policies and procedures, there is always a possibility you encounter instances of illegal or inappropriate behaviour concerning transactions or projects within Credendo's scope. Whether it be corruption, money laundering, fraud, environmental or social issues related to transactions or projects we cover, any deviation from good practices can be reported to us via our reporting mechanism.