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DUBAI, 4th December, 2023 (WAM) -- In a landmark move underscoring its commitment to sustainable global trade and green finance, Etihad Credit Insurance (ECI), the UAE's Federal export credit company, has announced its affiliation with the newly formed Net-Zero Export Credit Agencies Alliance (NZECA), marking a major step in the global efforts to achieve net-zero economies by 2050.

Aligned with Race to Zero’s criteria, The NZECA, unveiled at COP28, is a pioneering global collaboration, uniting eight of the world's leading export credit agencies. Co-founded by the University of Oxford's Innovation and Knowledge Hub, the Future of Climate Cooperation, and the UN Environment Programme Finance Initiative (UNEP FI), NZECA serves as the first net-zero alliance comprising public finance institutions globally.

The alliance is dedicated to advancing climate solutions and transition finance, with members committing significant investments towards green technologies.

The founding members of NZECA, including prominent agencies from Sweden, Denmark, the UK, and Canada, have pledged to align their operations and emissions with net-zero pathways by mid-century, setting and publicly disclosing science-based targets for the highest emitting sectors in their portfolios by 2030 or sooner.

Commenting on this announcement, Raja Al Mazrouei, CEO of ECI, said, “Our involvement in NZECA marks a significant step in our journey towards environmental sustainability and aligns with UAE's strategic vision for a sustainable and greener future. This alliance represents a collective commitment to advancing sustainable trade practices and actively contributing to the global effort to fight against climate change and achieve net-zero emissions by 2050. We are proud to stand alongside other leading agencies in this endeavour, sharing knowledge and working together to forge a sustainable path for international trade and finance.”

As the sole export credit agency from the region within this group, ECI, alongside founding and affiliate members, commits to actively supporting the goal of net-zero greenhouse gas emissions and will explore innovative solutions and finance strategies to support the transition to green technologies, demonstrating a collective resolve to address climate challenges and adhere to the Paris Agreement commitments.

In September this year, Etihad Credit Insurance (ECI) announced a commitment of US$500 million in credit insurance as part of the UAE's broader Africa Green Investment Initiative. This initiative includes the UAE's pledge of US$4.5 billion to support African nations in their efforts to accelerate clean energy projects.