Minister Altmaier signs statement of principles on sustainable and climate-oriented export finance with European partners

Federal Minister Altmaier discussed the issue of sustainable and climate-oriented export finance with his counterparts from Denmark, the United Kingdom, the Netherlands, Sweden and Spain during a virtual conference today. The conference entitled "Export Finance for Future" ("E3F") took place at the invitation of Bruno Le Maire, the French Minister of Economy, Finance and Recovery.

The Ministers agreed on a statement of principles, which their countries’ policies on export finance should be based on in future. The focus is on increased efforts to foster exports of particularly sustainable technologies in a targeted manner and to promote their global use. The governments commit to ending public support for coal-related exports, reviewing support for exports in connection with other fossil fuels, and improving transparency on sustainability and climate action.

Federal Minister Altmaier said: "When it comes to reducing greenhouse gas emissions, matters relating to export finance also play an important role. Therefore, today’s conference is a major step towards a sustainable and forward-looking approach regarding our export finance instruments. A strong economy and strong climate action are not a contradiction, but rather two sides of the same coin. This applies in particular to the instrument of export finance, with which we can support the transition of our companies towards more sustainability in a targeted manner."

The signatories of the statement of principles, as members of the E3F coalition, will encourage further countries, in a first step especially partners within the OECD, to become supporters. It is important to ensure that the commitment rests on a broad base and to prevent, as far as possible, distortions of competition resulting from different standards.

You can find the statement of priniciples here.

The Federal Government supports the financing of German exports via export credit guarantees. These ‘Hermes Guarantees’ are granted against payment of a market-based premium and are subsidiary to any private insurance products. In challenging markets, however, they are often the key to making exports happen at all. In 2020, the Federal Government provided export credit guarantees worth around €16.7 billion. Last year, Germany‘s conditions for guarantees in the field of renewable energies were improved and specific coal and oil projects were excluded from coverage in the context of a multi-stage climate strategy.

Further information can be found on the Federal Government-run website at: www.agaportal.de.