Last reviewed 1 July 2022
Publishing its annual results for 2021–22, the UK’s export credit agency reports that it provided £7.4 billion in financial support for UK exports to 61 countries during this latest accounting period, without any for overseas fossil fuel projects.
UK Export Finance (UKEF) also highlighted that this financial backing had supported up to 72,000 UK jobs and put a gross value add of £4.3 billion into the economy.
In its report, available at https://www.gov.uk/government/publications/uk-export-finance-annual-report-and-accounts-2021-to-2022, it examines in detail those forms it has supported and notes that 83% were located outside of London and a record 81% were small and medium-sized enterprises (SMEs).
International Trade Secretary Anne-Marie Trevelyan said: “The UK is awash with untapped export potential. We have opened the door to the world with historic trade deals and now we are helping businesses walk through it. That’s why our national export credit agency, UK Export Finance, is boosting firms’ ability to export to the world with record-breaking support year after year”.
As the need to address climate change becomes increasingly urgent, she continued, UKEF has launched a new mission statement, putting sustainability at the centre of its purpose.
It has already supported the clean energy, healthcare and critical infrastructure sectors with over £3.6 billion and was recently recognised as the top export credit agency for sustainable financing in 2021.
UKEF has set new targets to reduce absolute emissions (tCO2e) of oil and gas sector exposure by 75% by 2030 and reduce economic emissions intensity (tCO2e/£AAR) of power sector exposure by 58% by 2030 as it seeks to operate on a net-zero basis by 2050.
British Exporters Association (BExA) chairman, Carl Hunter, said: “UKEF has provided vital support to exporters during the pandemic and is setting the pace amongst the ECAs (export credit agencies) in the global transition to sustainable trade. We at BExA look forward to working with UKEF over the coming year to continue to refine and develop its products to simplify and accelerate export journeys for UK SMEs”.