EKN phases out ex­port cre­dit gua­ran­tees for the fi­nan­cing of ex­ports to coal min­ing

The Board of EKN, the Swedish Export Credit Agency, has decided on a timeline for the phase-out of export credit guarantees for Swedish exports to coal mining.

As of the 31st of December 2020, EKN will no longer issue new guarantees for the financing of exports to coal mining.

– This is a decision in line with EKN’s Sustainability Policy, the Swedish Government’s Trade and Investment Strategy and the general direction of the financial sector, says EKN’s Sustainability Manager Karin Wessman and continues,

– EKN’s Sustainability Policy states that EKN shall work proactively to enable exports that contribute to the transition required to achieve the goals in the Paris Agreement, while ceasing to provide guarantees for the financing of exports to coal mining.

– EKN’s Sustainability Policy is in line with the ongoing transition of financial market actors. In 2020, two other Export Credit Agencies have stopped providing export credits to thermal coal mines. Furthermore, EKN plays an active role in the efforts to achieve common international regulations on this issue. Since 2017, EKN has not been issuing guarantees for the financing of exports to coal fired power plants in accordance with an OECD-agreement.