Global experts discuss export credit’s role in climate action

Etihad Credit Insurance (ECI), the UAE’s Federal export credit company, hosted an event titled ‘Mobilising Export Credit Insurance to Drive Positive Climate Impact’ at the 28th UN Climate Change Conference (COP28) in Dubai, underscoring ECI’s commitment to fostering international dialogue on sustainable trade and export credit insurance.

Inaugurated by Abdullah Bin Touq Al Marri, Minister of Economy and Chairman of Etihad Credit Insurance (ECI), the event delved into the vital role of export credit insurance in facilitating the transition to a low-carbon economy and highlighting how this financial instrument can incentivise environmentally responsible practices, drive innovations in climate-friendly sectors, and mobilise financial resources towards the goal of net-zero emissions by 2050.

Bin Touq remarked, “Today’s event at COP28 marks a crucial step in our collective journey towards a greener future. The UAE is committed to leading the way in sustainable economic development, equipping future generations with the skills and opportunities to thrive in an environmentally conscious world. Our efforts today lay the groundwork for a more sustainable and prosperous tomorrow.”

Raja Al Mazrouei, CEO of ECI, said, “This event has been a convergence of ideas and ambitions, shining a light on the essential role of export credit agencies in the global shift towards sustainable practices. Today’s discussions have set the tone for future collaborations and innovations. At ECI, we are dedicated to driving sustainable economic growth and reinforcing the UAE’s position as a leader in fostering climate-conscious initiatives.”

The event showcased a series of high-level keynote speeches and panel discussions, bringing together global leaders and experts from finance, technology, renewable energy, and international trade sectors. The discussions provided a holistic view of the crucial role of export credit insurance in supporting the transition to low-carbon economies and fostering green growth in regions like Africa. Additionally, the discussions highlighted the recent announcement of the Africa Green Investment Initiative by the United Arab Emirates, including a pledge of $4.5 billion to support African nations in their efforts to accelerate clean energy projects and the ECI contribution of commitment of $500 million in credit insurance as part of the UAE’s broader Africa Green Investment Initiative.

During the event, Al Mazrouei launched ECI’s latest comprehensive report, ‘Empowering UAE’s Global Trade with Etihad Credit Insurance,’ showcasing the UAE’s economic development and global trade dynamics over the past three decades. The report emphasises ECI’s pivotal role as a key enabler in the nation’s economic diversification, detailing the UAE’s strategic shift to a non-oil-based economy, its global trade contributions, infrastructural strength, and alignment with sustainable practices.

Additionally, she announced the introduction of the ECI Green Credit Insurance product, designed to streamline access to financing for exporters contributing to the green transition, climate change mitigation, or adaptation efforts. This product will empower UAE exporters to actively participate in environmentally friendly initiatives and contribute positively to the UAE’s sustainable development agenda.

Earlier at COP28, ECI announced its affiliation with the recently established Net-Zero Export Credit Agencies Alliance (NZECA), the first net-zero alliance comprising global public finance institutions dedicated to advancing climate solutions and transition finance, with members committing significant investments towards green technologies, marking a major step in the global efforts to achieve net-zero economies by 2050.

 MoEI launches project: The Ministry of Energy and Infrastructure (MoEI) today launched the Energy Management System on Federal Roads project, a transformative initiative reshaping the way streets are illuminated, shifting from the traditional high-pressure sodium (HPS) lamps to LED lights.

Announced at the 28th United Nations Conference of the Parties (COP28), the new system is powered by artificial intelligence to implement an adaptive street lighting system that optimizes illumination levels and adjusts lighting intensity on federal roads through sensors installed on lighting poles.

Hassan Mohammed Al Mansouri, Under-Secretary of Infrastructure and Transport Affairs at MoEI, said, “The Ministry is keen on implementing projects that make our infrastructure, particularly federal roads, sustainable, which improves the UAE’s global competitiveness in this field. Through implementing best practices, MoEI aims to transform its operations and integrate sustainability at its projects.”

He added, “The Energy Management System on Federal Roads is a step forward in our drive to conserve energy and safeguard the environment as it effectively improves energy efficiency, reduces carbon emissions, and helps mitigate climate change.”