The United Nations Environment Programme Finance Initiative (UNEP FI) published the first progress report of the UN-convened Net-Zero Export Credit Agencies Alliance (NZECA), alongside a paper on tailoring greenhouse gas accounting methodologies for trade finance, timed with Trade and Finance Day at COP30. The report indicates that while all full members have committed to align their portfolios with net-zero emissions by 2050, three members have advanced their targets to 2045 and four members are reporting measurable emissions reductions and lower portfolio greenhouse gas intensity. Nearly two years after NZECA’s creation at COP28 in 2023, founding members have begun setting intermediate, science-based portfolio decarbonization targets under the NZECA Target Setting Protocol published in November 2024, covering high-impact sectors including energy, cement production and aviation. Founding members have also ended new direct support for the international unabated fossil fuel energy sector and published fossil fuel policies reflecting that commitment. Beyond target-setting, the report tracks early implementation progress, including methodological developments and the instruments members are using, such as client engagement mechanisms, sustainable products, risk management instruments and data management systems; it also cites multi-billion-dollar transition project examples, including the Baltyk 2 and 3 offshore windfarms in Poland, intended to supply clean power to about two million homes. UNEP FI positioned the progress report, the target-setting protocol and the carbon accounting paper as a foundation for export credit agencies globally to start decarbonizing portfolios in line with climate science, with NZECA set to continue developing methodologies and tools. NZECA comprises ten export credit agencies and export-import banks from nine countries across four regions, supporting USD 338 billion in international trade, with seven full members and three affiliates.

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