Connecting innovation in export credit to global problem-solving
of climate challenges and low-carbon transitionf.
Launched in 2022, the Climate Working Group will advance the Berne Union Membership’s thought leadership and practices within export credit, trade finance and political risk insurance and contribute to global problem-solving around climate challenges and sustainable development.
The Group will leverage its diverse expertise and global network to encourage the development of innovative products, incentives, and financing opportunities; to promote alignment around low-carbon methodologies; and to foster greater collaboration across the financial sector.
The CWG is currently focusing on three main workstreams:
Profiling innovations in product offerings, advisory services, treasury, blended finance etc.
Sharing best practice in target-setting, SBTs, reporting, portfolio accounting, etc
Within each workstream we will work on a set of deliverables which will help to advance thinking thinking around the topic by sharing information, showcasing best practice or creating new tools and references.
Our work aims to be complimentary to existing initiatives as well as practical and inclusive to organisations at all stages of their climate development.
CLIMATE RESOURCES LIBRARY
As well as sharing all resources directly created by the CWG, we will use this page to catalogue and link a library of resources relating to climate and low-carbon transition relevant for export credit and international finance. This includes e.g. ▪ research papers ▪ climate policy examples ▪ sample reports (TCFD reporting, etc.) ▪ technical frameworks / methodology outlines ▪ other relevant initiatives and groups.
CWG Strategy and Call Summaries
Documents Produced by the Climate Working Group
Including meeting summaries and strategy documents
|CWG Summary of Call on 22.08.23||Net Zero Export Credit Alliance update, see also video|
|CWG Summary of Call on 14.06.23||Stock taking on CWG progress and future plans|
|CWG Summary of Call on 25.04.23||Members' experience implementing COP26 - part 3|
|CWG Summary of Call on 21.03.23||Members' experience implementing COP26 - part 2|
|CWG Summary of Call on 30.01.23||Net Zero ECA Alliance and members' experience implementing COP26 - part 1|
|CWG Summary of Call on 20.12.22||COP27 attendance report back|
|CWG Summary of Call on 25.10.22||GFANZ webinar report back and COP27 preparations|
|CWG Summary of Call on 06.09.22||Summary of discussion during the CWG call on 6 Sept 2022|
|CWG Summary of Call on 18.07.22||Summary of discussion during the CWG call on 18 July 2022|
|CWG Summary of Call on 21.06.22||Summary of discussion during the CWG call on 21 June 2022|
|CWG Summary of Call on 24.05.22||Summary of discussion during the sixth CWG call on 24 May 2022|
|CWG Summary of Call on 03.05.22||Summary of discussion during the fifth CWG call on 3 May 2022|
|CWG Summary of Call on 05.04.22||Summary of discussion during the fourth CWG call on 5 April 2022|
|ICC SWG presentation to the BU CWG||Update from ICC on developments within the sustainability working group|
|CWG Workplan Outline||Slides from our fourth call on 5th April 2022|
|CWG Summary of Call on 22.03.22||Summary of discussion during the third CWG call on 22nd March 2022|
|CWG Summary of Call on 22.02.22||Summary of discussion during the second CWG call on 22nd Feb 2022|
|CWG Workplan Formulation||Slides from our second call on 22nd February 2022|
|CWG Summary of Call on 03.02.22||Summary of the discussions during the CWG kick-off call on 3rd February 2022|
|CWG Establishing||Slides from the kick-off call on 3rd February 2022|
Research, White Papers and Surveys
Below are research and white papers on the topics of climate policy, net zero or low-carbon transition and broader environmental sustainability in export credit and investment insurance.
|ICC Sustainability in Export Finance Progress Report 2022||ICC progress report update on adoption of the ICC Sustainability White Paper recommendations - published February 2023|
|Oxford, IfTI, Newcastle latest joint publication "Export Finance and the Green Transition“ in Global Policy||Focus on EXIM and ECA strategic directions, current climate finance flows, future requirements, challenges and portfolio implications|
|ICC Sustainability in Export Finance White Paper Update||ICC White Paper progress scorecard template|
|ICC Sustainability in Export Finance White Paper (Short Version)||Short version of the ICC Sustainability White Paper - Published June 2022|
|ICC Sustainability in Export Finance White Paper||ICC White Paper published in September 2021: Baseline of current practice and policy / product recommendations targeting an increase in flows of sustainable export finance|
|OECD Survey on on climate and sustainability practices and policies||Responses to the Survey from 16th December 2021, published by the OECD Working Party on Export Credits and Credit Guarantees|
|Towards Net Zero Export Credit - Oxford University||This report describes the decarbonization transformation and considers its implications for ECAs|
|Integrity through Alignment: A 2022 Roadmap for Global Standards and Market-led Approaches in Sustainable Finance (IIF)||a roadmap for public-private collaboration in: Disclosure; Climate and ESG data and ratings; Classification / taxonomies; Scenario-based Climate Risk Measurement; Regulatory Capital; and Net Zero Alignment and Transition Plans|
Climate Policy Examples and Approaches
Below are links to climate policies shared by working group members, as well as background on the approach behind these. Want to add your policy? please contact us.
|French Finance Law 2023||Bpifrance on ending state export guarantees for the coal sector|
|The World Bank Group Climate Policy||The World Bank Group’s Approach to Paris Alignment|
|CESCE Climate Policy||CESCE Climate Change Policy|
|Credendo Climate Policy||Credendo’s policy regarding public support for the energy transition from fossil fuels to clean energy|
|Finnvera Climate Policy||Finnvera restricts export credit guarantees for oil and gas projects|
|Atradius DSB Climate Policy||COP26-declaration: exclusions from 1 Jan 2023|
|E3F members' national approaches to phase out support for fossil fuels||Members' national published policy in a standardised format|
|EDC Climate Policy||Principles and commitments which guide EDC’s approach to climate change-related risks and opportunities|
|Background to EDC Net Zero Commitment||Steps, considerations and decisions along the path to net zero by 2050|
|IDFC Operationalization Framework on Aligning with the Paris Agreement||A study with proposals for implementation of each of the 6 principles for alignment endorsed by IDFC|
|Strategic Alignment with the Paris Agreement||A study demonstrating the 3 levels of alignment for PDBs : level strategic, operational and governance|
|World Bank Climate Change Action Plan||The Climate Change Action Plan 2021–2025 aims to advance the climate change aspects of the WBG’s Green, Resilient, and Inclusive Development (GRID) approach|
|UKEF Climate Policy||UKEF Climate Change Strategy 2021 - 2024|
|UKEF E&S Policy||UK Export Finance Environmental Social and Human Rights Policy|
Sample Reports (TCFD, sector transition etc.)
Below are examples of climate reporting, including for TCFD (Task Force on Climate-Related Financial Disclosures) reports.
|Investec Climate Report 2022||Climate-related financial disclosures 2022|
|E3F Transparency Report||E3F Transparency Report on energy sector commitments - published May 2022|
|UKEF TCFD Report 2021/22||UKEF’s TCFD report for the financial year 21/22 p. 97 onwards|
|EDC TCFD 2020 Report||Example of EDC's 2020 TCFD Report|
|UKEF TCFD Report 2020/21||UKEF's first TCFD report (pp 137-144)|
Technical Framework / Methodology
Methodologies for Assessing, Mitigating, Accounting, Reporting
Documents outlining technical approaches to incorporating climate-related targets and policies within business processes for assessing, mitigating, tracking and reporting.
|Swedish Scientific Climate Council meeting notes||Advisory support to EKN and SEK to assist aligning the Swedish export finance system with the Paris Agreement’s 1.5°C goal|
|Transaction Climate Change Due Diligence||EDC's due diligence framework for climate change|
|EDC ESG Framework||Outline of general ESG principles and practice followed by EDC|
|IDFC / MDB Common Principles for Climate Mitigation Finance Tracking||Common principles for tracking mitigation climate finance, updated in 2021, by IDFC and MDBs|
|IDFC / MDB Common Principles for Climate Change Adaptation Finance Tracking||Common principles for tracking adaptation climate finance, endorsed by IDFC and MDBs|
Common ESG Principles and Standards
Common Principles for ESG and Green Finance, Investment and Insurance
Below are links to some of the main principles and frameworks applied by many ECAs, insurers, lenders and investors. Note that a comprehensive summary taxonomies, standards and reporting frameworks relevant to export finance is included in the ICC White Paper on Sustainability in Export Finance
|UNEP FI Principles for Sustainable Insurance||Launched at the 2012 UN Conference on Sustainable Development, the UNEP FI Principles for Sustainable Insurance serve as a global framework for the insurance industry to address environmental, social and governance risks and opportunities|
|PSI ESG Guide for Non-Life Insurance||ESG guide for the global insurance industry developed by UN Environment Programme’s Principles for Sustainable Insurance Initiative|
|IAIS Application Paper on the Supervision of Climate-related Risks in the Insurance Sector||Published in May 2021 by the The International Association of Insurance Supervisors|
|Equator Principles||Financial industry benchmark for determining and assessing and management environmental and social risk in projects|
|ICMA Green Bond Principles||The Green Bond Principles (GBP) seek to support issuers in financing environmentally sound and sustainable projects that foster a net-zero emissions economy and protect the environment.|
|IFC Performance Standards on Environmental and Social Sustainability||commonly applied standards for assessing ESG of projects|
|LMA Green Loan Principles||high-level framework of market standards and guidelines, providing a consistent methodology for use across the green loan market|
|OECD 'Common Approaches'||Common approaches for officially supported export credits and environmental and social due diligence|
Other Climate Initiatives
Climate Commitments and Approaches of Other Groups
The table below includes links to documents and resources mapping the current state of play, ambitions and achievements of other organisations, collectives and initiatives within international finance. This includes the Finance in Common Summit of Public Development Banks (FiCS), International Development Finance Club (IDFC), Glasgow Financial Alliance for Net Zero (GFANZ) and European Development Finance Institutions (EDFI)
Other BU Climate Resources
Other Berne Union Resources Relating to Climate
These include outputs from other initiatives: The Capacity Sharing Marketplace - outreach to development institutions; Sustainability Meetings with commercial banks and Berne Union publications
|Capacity Sharing Marketplace Workshop on Climate||Online workshop hosted by the BU in June 2021 on best practice and common roadblocks to cooperative climate finance|
|Sustainability Meeting||Documents from the BU-ICC Sustainability Meeting in 2019|
|BUlletin: Summer 2021 on Climate Approaches||Collection of articles outlining approaches to climate among BU Members and Others|
The institutions and individuals contributing to this work include experts from a range of disciplines across climate, ESG, sustainability; risk underwriting; policy and international relations, representing export credit agencies, multilateral investment insurers, development institutions, commercial banks and private insurance companies.
The CWG is chaired by Karin Wessman, Head of Sustainability at EKN, and managed by Eve Hall, Associate Director at the Berne Union Secretariat.
Full details and bios of all participants below.
CHAIR (Karin Wessman, EKN)
Head of Sustainability, EKN
Karin has 20 years professional experience in the field of responsible business practices and is currently heading a team of 9 sustainability experts at EKN. Prior to joining EKN in 2013, Ms. Wessman worked as a sustainability consultant and prior to that spent nine years working for WWF, the World Wide fund for Nature.
SECRETARIAT (Eve Hall, Paul Heaney)
Associate Director, BERNE UNION SECRETARIAT
Eve is skilled in corporate finance, business development and investor relations with experience in financial services, management consulting, international media and, most recently, export credit insurance. Primary responsibility for managing the BU Climate Working Group as well as Prague Club, SME, reinsurance, and project finance specialist groups.
Secretary General, BERNE UNION SECRETARIAT
Paul has over a decade of experience working on all aspects of strategic communications, media, PR and stakeholder engagement within international finance. He manages Berne Union research, publications and outreach to external stakeholders, including through the 'Capacity Sharing Marketplace' initiative.
AFD (Adama Mariko, Mathilde Bord-Laurans, Charlotte-Fleur Cristofari)
Adjoint Directeur Exécutif Stratégie, Partenariats et Communication, AGENCE FRANÇAISE DE DÉVELOPPEMENT& Secretary General, FINANCE IN COMMON
Prior to FiCS in 2021, Adama was AFD’s Management Board member in charge of financial planning. Adama joined AFD in 2009. He has worked in West Africa, in the Indian Ocean, and in both the Finance and Risk departments at Paris headquarter. Recently appointed Deputy Director for Strategy, Partnerships and Communication of AFD, Adama joined FICS as Secretary General. Adama graduated in Finance from Paris-Dauphine and holds a Master in Public Administration from Ecole Nationale d'Administration.
Head of Climate Change Department, AGENCE FRANÇAISE DE DÉVELOPPEMENT
Climate Strategy / Finance in Common Summit, AGENCE FRANÇAISE DE DÉVELOPPEMENT
ATI (Clement Yapo)
Senior ESG Officer, AFRICAN TRADE INSURANCE AGENCY
Clement is an Ivorian national who have been working in environmental and social field for more than 20 years, supporting companies within Africa to mitigate negative E&S impacts. Since March 2021, he joined the headquarters of the African Trade Insurance Agency (ATI) in Nairobi as Senior ESG Officer.
AXA XL (Simon Morden)
Senior Underwriter, Global Political Risk, Credit & Bond, AXA XL
Simon is a Senior Underwriter in the Political and Credit Risk team at AXA XL, a division of AXA Group. He joined in 2018 and prior to which he had a 21 year banking career, 15 years of which were in Loan Syndications including a 5 year period in Abu Dhabi. Simon has worked for SCB, GIB, SMBCE and FAB during his banking career.
ATRADIUS DSB (Arjen Walbroek)
Senior Lead, Sustainability, Strategy & International Relations, ATRADIUS Dutch State Business
Arjen has 20 years of professional experience in the field of sustainability and responsible business conduct. Currently Arjen is Senior Lead Sustainability at the Strategy & International Relations team. Prior to joining Atradius in 2011, Arjen was working in consultancy and holds a Master’s Degree in Environmental Sciences.
BPIFRANCE (Maëlia Dufour, Elsa Pancek, Mathilde Moreau)
Director International Relations, Business Development, Rating, Environment and Climate, BPIFRANCE
Maëlia has worked for the French State Export Credit Agency, for many years.
She deals with a wide range of environmental, social and climate issues along with her team of experts in that field.
Environmental, Social and Climate Analyst, BPIFRANCE
Elsa graduated from the Université Catholique de l'Ouest with a Master's degree in Ecology and Sustainable Development and is an environmental, social and climate analyst at Bpifrance Assurance Export.
Junior Environmental, Social and Climate Analyst, BPIFRANCE
Currently studying for a Master's degree in finance at Neoma BS, Mathilde Moreau is a junior environmental, social and climate analyst at Bpifrance Assurance Export.
DZ BANK (Ralph Lerch)
Head of Export Finance, DZ BANK
Ralph joined DZ BANK in May 2018 and heads a dedicated team of export finance spe-cialists covering all major ECAs. From 2013 to 2018 Ralph acted as Chair of EBF’s Export Credit Working Group. Heis a member of the ICC Export Finance Committee, the ICC Sustainability Working Group and the EulerHermes Expert Group.
EDC (Leah Gilbert Morris, DJ Kim)
Leah Gilbert Morris
Director, International and ECA Relations, EXPORT DEVELOPMENT CANADA
An environmental scientist by education, Leah has more than two decades of export credit and international trade finance experience, and a strong environmental, social and governance (ESG) background. She has led the Canadian delegation for export credit to the OECD and IWG and served a four-year term as a Vice-Chair of the OECD Export Credit Bureau and as Chair of the OECD Environmental and Social Practitioners' working group. She presently leads EDC’s International & ECA Relations team and she has also served in two multilateral DFIs, Canada's commercial banking sector and the Canadian Department of Finance.
Advisor, Climate and ESG Policy, EXPORT DEVELOPMENT CANADA
Da-Jeong joined EDC in 2018 and is an Advisor on ESG Policy (Climate), leading EDC’s carbon accounting and climate-related disclosure. Da-Jeong holds a M.Env.Sc from the University of Toronto specialized in climate change impact assessment and a B.Sc. (Ag.Env) from McGill University. Prior to EDC, she worked in environmental field research and sustainable facilities management.
EIFO (Toke Philipsen Prahm)
Toke Philipsen Prahm
Chief Policy Advisor International Relations, EIFO
Toke is Chief policy advisor at EKF Denmark’s Export Credit Agency working primarily on international negotiations and climate issues. Toke is part of EKF’s International Regulation and Relations team with a primary focus on export credit policy at EU and OECD level. Toke has been working on updating the OECD Arrangement for Export Credits covering a wide range of topics from financial terms and conditions to climate.
At EKF Toke has worked on Climate Strategy, CO2 displacement model, Net Zero commitment and a GHG footprint assessment. Further, Toke is representing Denmark in the E3F coalition where COP26 statement implementation and phase out of support for fossil fuel related activity is a focus area. On international climate issues Toke is representing EKF at the work undertaken at GFANZ. Toke is a member of the EU Export Finance Lab.
EKN (Victor Carstenius)
Senior Analyst, EKN
Victor Carstenius is a senior analyst at the Swedish Export Credit Agency EKN. Victor is working within the sustainability team at EKN with climate related projects; including analysing climate related risks and opportunities, product development to promote green export, and setting climate targets and strategies for EKN’s portfolio. Victor is an economist by education and has a background in country and bank risk analysis.
INVESTEC (Chris Mitman)
Global Head of Export Finance, INVESTEC
Chris is Global Head of Export Finance at Investec Bank plc based in London where he founded the business in 2010. Previously he was Global Head of Export Finance at ANZ Bank based in Singapore. He is a member of the ICC Export Finance Committee and Co-Chair of the ICC Export Finance Sustainability Working Group which recently published a landmark White Paper on Sustainability in Export Finance
MIGA (Olga Sclovscaia)
Regional Head Europe & Central Asia, MULTILATERAL INVESTMENT GUARANTEE AGENCY
Olga covers climate thematically in MIGA’s operations. She has co-led the formulation of MIGA’s corporate climate strategy and operationalization of the World Bank Group Climate Change Action Plan. She has led a project to understand the regulatory treatment of climate projects globally.
UKEF (Helen Meekings)
DFC (Marlena Hurley)
Head of ECA and International Relations, U.S. INTERNATIONAL DEVELOPMENT FINANCE CORPORATION
Marlena has 10 years of experience in political risk insurance and 20 years in international development. With DFC she works on developing solutions for renewable energy and other projects supporting climate resilience and mitigation. In 2019, she co-founded the initiative with The Nature Conservancy to support Blue Bonds for Marine Conservation through political risk insurance.
MORE INFO AND CONTACT
For more information or enquiries about the CWG, please email:
Eve Hall at the Berne Union Secretariat