Export credit agencies: The quiet catalysts of the transition

Traditionally, export credit agencies (ECAs) have remained a relatively overlooked force in energy finance. With mandates primarily aimed at supporting national exports across sectors, ECAs have not been viewed as central players in the energy transition. That perception is starting to shift. Over the past decade, and particularly since 2021, OECD ECA-backed financing for clean energy has overtaken support for fossil fuels for the first time. The change raises key questions: what is driving this pivot, and how significant a role can ECAs play in shaping global energy transition finance in the years ahead?