LONDON, Sept 22 Reuters - Britain's export credit agency said it aims to avoid net zero carbon emissions across its investment by 2050 and increase its support for green exports.
It also follows criticism from campaigners that state-supported groups are not doing enough to overhaul their lending.
UKEF has a capacity of 50 billion pounds to support Exports through loans, insurance and guarantees and announced it would be carbon neutral on a net basis by mid-century in line with the aims of the Paris Agreement on climate change.
UKEF, which has provided 12.3 billion pounds of support to UK companies over the last year, said it planned to increase financial support for exports linked to renewable energy and activities focused on adapting to the impacts of climate change.
We must urgent action to respond to climate change in order to potentially contain global warming, UKEF CEO Louis Taylor told Reuters, adding: ‘We have pledged to decarbonise all of our operations and financial portfolio. Demand for green trade will end up bringing 1.8 billion pounds of export sales a year by 2030, with Britain expected to contribute up to 170 billion pounds of export sales in goods and services, a new report released on the Board of Trade in August said.