COP30: UKEF commits $13 billion to renewables

BELÉM, Brazil – The U.K. government’s export credit agency, U.K. Export Finance (UKEF), has announced new initiatives to strengthen British renewable energy exports, reaffirming its commitment to provide £10 billion ($13.2 billion) in financing by 2029, the agency said in a news release on Thursday. 

A key part of the announcement is a new cooperation agreement with Brazil’s export credit agency, the Agência Brasileira Gestora de Fundos Garantidores e Garantias (ABGF). This deal, the first of its kind, will allow Brazilian energy exports that include British content, to benefit from UKEF-backed guarantees. 

The partnership is expected to accelerate investment in solar and renewable energy systems, as well as sustainable infrastructure projects, UKEF said. It has also mobilized export-finance support for U.K. solar developer Hive Energy, enabling it to expand its operations across Europe, North America, the Caribbean, South America and Africa. To date, Hive Energy has completed 60 solar projects, delivering more than 3 gigawatts (GW) of renewable energy. 

“By backing companies like Hive Energy, UKEF is helping scale solar deployment worldwide and strengthen the UK’s role in the global clean-energy transition,” said UKEF CEO Tim Reid. 

The 2025 United Nations Climate Change Conference, COP30, runs from Nov. 10 to Nov. 21 in Belem, Brazil.

–Reporting by Benita Anna Maria Dreesen, bdreesen@opisnet.com