5. Next steps
Below, we provide more details about the next steps we expect to take in order to develop a comprehensive climate strategy.
5.1 Objective, incentivise and decarbonise
Atradius DSBThe government has expressed its desire for a long-term climate strategy for the Atradius DSB that is in line with the Paris Agreement and the agreements made in Glasgow, and that is adaptive. With this in mind, an exploratory study into a possible net-zero climate strategy for the ECA was launched in 2022. This study focuses on the effects and implementation aspects of striving for a climate-neutral ECA portfolio.
It is common for organisations that make a high-level net zero commitment to further elaborate this into short- and medium-term targets at sector and portfolio level. In addition, different types of targets are often combined:
- Emissions reduction targets: targets relating to CO2eq emissions;
- Green finance targets: targets relating to green transactions in the portfolio;
- Engagement targets: targets relating to customers with transition plans in the portfolio or relating to interaction with customers to discuss transition plans.
All targets can be either absolute (e.g. -30% tCO2eq total portfolio) or relative (e.g. -30% tCO2eq per EUR outstanding risk).
The exploration has shown that for the most material sectors in Atradius DSB's portfolio, the applicability of current, existing scientific transition pathways that can be used for target setting at sector level is still limited. In addition, the data availability for measuring the carbon footprint of the portfolio is too limited to be able to make a reliable baseline measurement regarding the starting point for the targets.
The next step is therefore to gather more information from customers, for example about the CO2 intensity of their activities and the decarbonisation strategy for their company and sector. In addition, we are assessing how we can best help customers with their decarbonisation strategy and the development of climate-neutral and climate-proof export transactions.
We are also working with the government and other partners to investigate how we can better support Dutch businesses in seizing the opportunities presented by the transition to a climate-neutral society. For example, a pilot project is currently underway to investigate whether the export credit facility can be used for transaction of national strategic importance. The pilot focuses, among other things, on the possibility of providing cover for transactions involving the import of critical raw materials and green hydrogen for the energy transition. Depending on the results of this pilot, this support could be converted into a permanent feature of the ECA instruments in the future.
We have also conducted market research into the possibilities for the ECA to support Carbon Capture and Storage (CCS) projects. Many experts and organisations, such as the International Energy Agency (IEA), emphasise that CCS is crucial for achieving net-zero emission targets. They particularly highlight the importance of CCS for reducing emissions in sectors that are difficult to decarbonise, such as the steel, cement and chemical industries. In addition, CCS can store and capture the emissions released during the production of grey hydrogen, creating “blue hydrogen”. This is seen as an interim solution until there is enough green electricity available for green hydrogen. At the same time, there are also concerns about the use of CCS as a “quick fix” instead of addressing the underlying causes of climate change.
The number of operational CCS projects is limited, but a large number of projects are planned worldwide. The large pipeline of CCS projects worldwide offers Dutch exporters an opportunity to develop in the sector. The Netherlands has a great deal of expertise that is particularly suited to the transport and storage of CO2. CCS is a relatively new market, and there is a good chance that commercial banks will not have sufficient liquidity available for the number of projects currently in the pipeline. ECAs could play an important role in this case. However, before ECAs can play a role, it is important that these projects become financeable, possibly with government support. We still see certain challenges in this area, but we are keen to engage in dialogue with market parties to help get these types of projects off the ground.
5.2 Engage
Internationally, we remain committed to aligning export financing with climate goals and promoting a level playing field. Within the OECD, we will continue negotiations to increase transparency regarding public support for oil and gas projects.
In addition, we remain committed at national level to clarifying and optimising the role of the ECA in relation to other actors in the financial system in mobilising private investment for a climate-neutral, resilient economy.
5.3 Disclose
In order to bring our label for environmentally friendly or green transactions more in line with the latest developments in external international frameworks, our Green Label will be updated in 2025. In line with this, we will also adjust our reporting. Where possible, we will try to clarify our contribution to climate targets (such as the NCQG).
Measuring the carbon footprint of the ECA is important for establishing a good baseline for setting climate targets and gaining insight into progress.
The initial baseline measurement has identified clear areas for improvement with regard to data quality and the reliability of the results, including increasing the use of transaction-specific activity data instead of sector data. To achieve this, we want to collect this data on a voluntary basis from a larger group of customers.
5.4 Looking ahead
A climate strategy has an impact on governance, (decision-making) processes, systems, and the deployment of capacity and knowledge. In designing a climate strategy, this organisational embedding of climate will need to be addressed in more detail.
The current climate briefing does not yet address the synergies that exist between climate and other topics such as the Sustainable Development Goals (SDGs) and nature/biodiversity. In addition, this briefing focuses on using the ECA to promote a shift towards climate-neutral, climate-resilient export transactions and investments, without addressing climate risks and their consequences for the ECA. These are aspects that require further attention.
5.4 Cases
Spark
In collaboration with partners such as Spark, various transactions have been realized that provide access to solar energy in off-grid regions across multiple countries. These projects contribute to sustainable development and enhance the energy independence of communities in remote areas. Read more in the Creditnotes (Dutch).
Huisman
Huisman developed the world’s first fully integrated heavy lift vessel, specifically designed for the Japanese offshore wind market. With lifting capacity suitable for foundations of 15MW to 20MW wind turbines, Huisman is setting a new standard in sustainable maritime technology. Read more in the Creditnotes (Dutch).
Royal T Shipyards
The MV Vertom Tula is the ninth vessel in Royal T Shipyards’ sustainable LABRAX series, equipped with diesel-electric propulsion and an intelligent energy management system. Thanks to this technology, the ship is ready for zero-emission fuels and already delivers significant emission reductions. Read more in the Creditnotes (Dutch).
