Corporate report: UK Export Finance Impact Report 2025 to 2026

Financed emissions are a metric used by UKEF to understand and manage the emissions associated with transactions we support. We estimate our financed emissions to track progress towards our net zero ambition and sector decarbonisation targets.

UKEF’s financed emissions have decreased over the past year and in 2025 were below the 2021 baseline for our portfolio. Overall, we have increased support for clean growth deals and reduced exposure to more emissions-intensive deals over time. The level of progress against sector targets has varied, reflecting the different dynamics within each sector.

We do not expect progress against our decarbonisation targets to be linear. Financed emissions estimates are influenced by factors beyond the underlying emissions of supported activities, including market demand, project lifecycles and changes in financial or risk parameters. As a result, short-term changes may not fully reflect underlying trends, and performance is best assessed over the medium to long term.

Since 2022, UKEF has published annually its portfolio-wide financed emissions estimates. As the first ECA to publish its financed emissions, and in the absence of a Partnership for Carbon Accounting Financials (PCAF) methodology applicable to all ECA products, UKEF developed a bespoke approach, disclosing on two accounting bases.