UK Export Finance announce new clean-growth initiatives ahead of global climate change summit.
New UK-Brazil agreement will unlock business opportunities in energy transition and infrastructure projects
Hive Energy scales up solar power projects across four continents with UKEF support
UKEF targets £10bn in clean growth financing by 2029
UK Export Finance (UKEF) - the government's export credit agency - unveils new actions to promote sustainable trade financing and back British businesses as world leaders descend on Belém for the COP30 summit.
UKEF has signed a reinsurance agreement with its Brazilian counterpart, the Agência Brasileira Gestora de Fundos Garantidores e Garantias (ABGF).
This is the first agreement of its kind that ABGF has signed with another export credit agency and means that Brazilian exports that include British content will benefit from UKEF-backed guarantees - opening collaboration opportunities in energy transition and infrastructure projects.
Another milestone at COP30 will be the publication of the first progress report of the Net Zero Export Credit Alliance (NZECA), chaired by UKEF since its launch at COP28 and comprising export credit agencies from nine countries. The report, which will be published on 14 November, will detail how NZECA is working to align $338 billion of export support with pathways to net zero by 2050.
UKEF has also mobilised new financial support for Hampshire-based Hive Energy. Finance from HSBC UK, backed by UKEF's General Export Facility , will enable Hive Energy to scale up solar power projects across Europe, North America, the Caribbean, South America and Africa. To date, Hive Energy has completed 60 solar projects, generating 3,066 megawatts of clean energy worldwide.
Tim Reid, Chief Executive of UK Export Finance, said:
Public finance organisations like UKEF and other export credit agencies are vital to deliver sustainable international trade.
We're proud to continue supporting British businesses like Hive Energy, which reinforce the UK's position as a leader in the global transition to clean energy.
UKEF has set a target to provide £10 billion of clean growth finance by 2029, supporting the government's mission to make Britain a clean energy superpower and achieve at least 95% clean power by 2030.
