Perspectives Climate Research utilized its well-established methodology to assess the Swedish Export Credit Agency (EKN) and Swedish Export Credit Corporation (SEK), the official Export Credit Agencies (ECAs) of Sweden, for their alignment with the Paris Climate Agreement. Overall, EKN and SEK were rated with ‘Paris aligned’ with scores of 2.22/3.00 and 2.30/3.00. The main reasons for the score include the successful phase-out of most fossil fuel energy financing over the past years with virtually 100% of energy-related transactions flowing to renewable energy (RE), making Sweden the 4th biggest financier of RE in the Export Finance for Future alliance. Neither ECA scored ‘Transformational’ due to the absence of granular reporting on project-level greenhouse gas emissions data, a clear definition of climate finance and the lack of sectoral emissions reduction targets.
Authors
Schmidt, Max, Censkowsky, Philipp, Jia, Ziqun, Shishlov, Igor
- DOI
- https://doi.org/10.6027/temanord2024-536
- ISBN
- : 978-92-893-8039-3 (electronic) : 978-92-893-8040-9 (electronic)
- OAI
- oai:DiVA.org:norden-13270
- Pages
- 58
- Published in
- Copenhagen: Nordisk Ministerråd
- Responsible organisation
- Nordic Council of Ministers, Nordic Council of Ministers Secretariat Nordic Council of Ministers, Nordic Council of Ministers Secretariat, Nordisk Arbejdsgruppe for Klima og Luft (NKL)
- URN
- : urn:nbn:se:norden:org:diva-13270
- Year
- 2024
- pages
- 58
Table of Contents
- 3 Acknowledge ments 2
- 4 Abbreviations 2
- 6 Viktiga budskap 2
- 8 Viktiga rekommen dationer till den svenska regeringen 2
- 9 Key messages 2
- 11 Key recommen dations for the Swedish government 2
- 12 1. Introduction 2
- 17 2. Officially supported export finance in Sweden 2
- 3. Climate-related policies in officially supported Swedish export finance 2
- 4. Assessment of EKN and SEKs alignment with the Paris Agreement 2
- 45 5. Conclusions and recommen dations 2
- 48 References 2
- 57 About this publication 2
- Acknowledge ments 3
- Perspectives Climate Research 3
- Authors 3
- Acknowledgements 3
- Disclaimer 3
- Abbreviations 4
- Viktiga budskap 6
- Viktiga rekommen dationer till den svenska regeringen 8
- Key messages 9
- Key recommen dations for the Swedish government 11
- 1. Introduction 12
- 2. Oficially supported export inance in Sweden 17
- 3. Climate-related policies in oficially supported Swedish export inance 20
- 4. Assessment of EKN and SEKs alignment with the Paris Agreement 22
- 4.1 Dimension 1 Financial and non-inancial disclosure and transparency 23
- Q1.1 To what extent can the GHG intensity of all activities supported by the ECA be assessed based on publicly available data Non-inancial disclosure 24
- Q1.2 In how far can the share of fossil fuel inance over total portfolio be assessed Financial disclosure 25
- Q1.3 In how far can the share of climate inance over total portfolio be assessed Financial disclosure 25
- Q1.4 To what extent does the institution adhere to the Recommendations and Supporting Recommended Disclosures of the Task Force on Climate-related Financial Disclosure TCFD 26
- 4.2 Dimension 2 Ambition of fossil fuel exclusion or restriction policies 27
- Q2.1 How ambitious is the ECA regarding exclusions or restrictions for support of coal and related value chains 28
- Q2.2 How ambitious is the ECA regarding exclusions or restrictions for support of oil and related value chains 28
- Q2.3 How ambitious is the ECA regarding exclusions or restrictions for support of gas and related value chains 29
- 4.3 Dimension 3 Climate impact of and emission reduction targets for all activities 29
- Q3.1 Can a declining trend in GHG intensity of the total portfolio be observed tCO eEUR scope 13 emissions 30
- Q3.2 How signiicant is the fossil fuel inancing relative to total energy- related portfolio average of new commitments from the last three years where data is available 30
- Q3.3 To what extent do all emission-relevant sectors have targeted GHG reduction targets and in how far are GHG reduction targets in line with benchmarks of acceptable 1.5 C pathways 32
- 4.4 Dimension 4 Climate inance Positive contribution to the global climate transition 35
- Q4.1 What is the reported share of climate inance over total portfolio 36
- Q4.2 How can the quality appropriateness of climate inance earmarks be assessed 36
- Q4.3 What is the share of renewable energy inancing over total energy- related inancing average of new commitments from the last three years where data is available 37
- Q4.4 To what extent does the pricing structure take into account climate impacts of activities 39
- Q4.5 In how far does the institution ensure sustainable development contributions from its activities 40
- 4.5 Dimension 5 Engagement - Outreach and pro- activeness of ECAs and their governments 41
- Q5.2 To what extent does the institution itself or its government actively engage in relevant national fora with view to implementing ambitious climate policies in the export inance system 43
- Q5.3 To what extent does the institution or its government actively engage with national companies to transform fossil fuel-related value chains and incentivize low GHG exports 44
- 5. Conclusions and recommen dations 45
- References 48
- About this publication 57
- Paris Alignment of Export Credit Agencies Sweden 57
- Disclaimer 57
- Rights and permissions 57
- Nordic co-operation 58
