The paper will review the state of sustainable finance across the export finance industry and propose both product and policy recommendations aimed at increasing the flow of export financing towards sustainable activity.
Sustainability is an increasingly important topic for a wide range of public and private stakeholders globally, both in the developed and emerging markets. This seminal project, convened by the ICC Global Export Finance Committee and supported by all 16 ICC Global Export Finance Committee banks and The Rockefeller Foundation, aims to engage the industry in a conversation on how the export finance community aims to collectively contribute to the global sustainability agenda and deliver greater volumes of sustainable export financing.
Andrew Wilson, the ICC’s Permanent Observer to the United Nations said: “A key objective of the Committee and Working Group is to grow the proportion industry volumes supporting sustainable activity beyond the existing 20% average. This report will mark an important step towards achieving this ambition, an opportunity to take stock of the industry and establish the requirements to meet the sustainability imperative.”
Paul Richards, Head of Structured Export Finance at ANZ and Co-Chair of the ICC-SWG said: “The Committee and the Working Group are very pleased to be taking this important step to understand how the export finance market can play a bigger role and raise its profile as a key contributor to the sustainability agenda, and we look forward to working with all stakeholders to develop a clear and deliverable plan.”
Chris Mitman, Head of Export Finance at Investec Bank plc and Co-Chair of the ICC-SWG said: “The commissioning of this white paper represents a landmark collective industry response to the challenge of sustainability and the important role export finance can play in urgent delivery of the sustainability agenda.”
Adam Connacker from The Rockefeller Foundation said: “We need to deploy every tool we have to create a more sustainable, just and equitable world. The Committee and Working Group have wisely highlighted the promise of an overlooked tool – international export finance – to help achieve that end.”
The ICC-SWG was established in 2018 with the objective of promoting discussion and exploring the potential for the export finance industry to be more pro-active in supporting the global sustainability agenda. Export finance is strongly suited to financing sustainable infrastructure and investments, leveraging many existing best-in class practices by Arranging Banks and Export Credit Agencies (ECAs).
The 16 banks in the ICC Global Export Finance Committee are:
- Banco Santander, S.A.
- BNP Paribas
- Commerzbank AG
- Crédit Agricole CIB
- Deutsche Bank AG
- DZ BANK AG Deutsche Zentral-Genossenschaftsbank, Frankfurt am Main
- ING Bank
- Investec Bank
- J.P. Morgan
- MUFG Bank, Ltd.
- Standard Chartered
- Sumitomo Mitsui Banking Corporation
- UniCredit S.p.A
The white paper is expected to be released to the public in June 2021. Take this survey now to provide your persepctive on the export credit/trade finance market.