Net-zero export-credit portfolios rise 58% to US$376bn

Export credit agencies participating in the Net-Zero Export Credit Agencies Alliance have increased their net-zero committed portfolios by 58 per cent to US$376bn, highlighting the growing role of government-backed finance in supporting the transition to lower-carbon infrastructure and trade.

The figure, published in the alliance’s 2026 Progress Report on 12 November, compares with US$238bn previously reported. Including affiliate members, total climate-committed exposure now stands at US$380bn.

The alliance, known as NZECA, comprises ten export credit agencies and export-import banks, including eight full members and two affiliates across Europe, North America, the Middle East and Central Asia.

Its report also records collective attributed portfolio emissions of 92.15m tonnes of carbon dioxide equivalent for 2025, which it says declined even as the aggregate portfolio increased.

The findings are relevant to trade and export financiers because official credit agencies can help banks finance projects whose size, maturity or risk characteristics would otherwise constrain private-sector lending.

Export-credit support may take the form of loans, guarantees or insurance. These instruments can reduce selected risks for participating lenders, although the precise allocation of risk depends on each transaction.

The headline portfolio figure should not be confused with US$376bn of new loans disbursed during 2026. It measures commitments within members’ designated net-zero portfolios rather than cash newly advanced to businesses over the reporting period.

The report identifies several examples of how the commitments are being translated into financing activity.

Denmark’s EIFO supported an €850m facility linked to ENGIE’s 1.5-gigawatt European wind development programme, while Sweden’s SEK provided approximately €1.6bn of green export credit for rail infrastructure in Türkiye.

In the UK, UK Export Finance reported £2.8bn towards its £10bn clean-growth objective for 2029. Spain’s Cesce has set a target for climate finance to account for at least half of its portfolio by 2030, alongside an €10bn financing ambition.

These figures mix achieved financing, portfolio composition and forward-looking targets, and should not be interpreted as directly comparable measures of lending already completed.

NZECA also said all full members had published institutional policies restricting official support for fossil fuels. Such restrictions do not necessarily mean that every historical exposure has been eliminated.

For banks arranging export and infrastructure finance, the report points to a larger pool of official institutions seeking to direct financing towards climate-related assets, with the potential to support longer-dated transactions and risk sharing.

The more important test will be how much of that reported portfolio growth translates into additional projects, private capital mobilisation and measurable changes in financed emissions.