Export Finance for Future (E3F)
Export Finance for Future (E3F) is an initiative – 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. You can consult the full statement of principles of the coalition here.
With this, the coalition members, currently composed of the governments of Belgium, Denmark, Finland, France, Germany, Italy, the Netherlands, Spain, Sweden and the United Kingdom, reaffirm their commitment to contribute to the climate goals of the Paris Agreement and to promote consistent international standards and pursue ambitious multilateral action. All current members are also signatories to the COP26 statement on international public support for the clean energy transition.
Belgium is represented in this context by the Ministry of Finance with the support of Credendo.
The purpose of the E3F Transparency Report, established by the E3F member countries, is to provide common, public and harmonised transparency on coal, oil and gas activities within the fossil fuel energy sector and on renewable energy activities including electric infrastructure supported by official trade and national export finance activities. As explained in chapter II of the report, the aim is to offer a clear vision of our portfolio’s exposure in order to be able to quantify to which extent credit insurance is supporting these sectors, and to monitor our progress with regard to our climate objectives in the months and years to come.