SERV guidelines on aligning its support for the clean energy transition
The decarbonisation of the economy in general and the fossil energy sector in particular is crucial to achieving the targets of the Paris Agreement. Export risk insurance can play a key role in this regard. Swiss Export Risk Insurance (SERV) takes this into account and defines decarbonisation as one of the three main pillars of its climate strategy.
In addition, SERV wants to appropriately implement the COP26 Statement (the “Glasgow Declaration”) on international public support for the clean energy transition, taking into account all legal bases. The COP26 Statement was signed in Glasgow in November 2021 by a total of 39 countries and international organisations, including Switzerland. The signatory states have declared their intention to align government support with the transition from fossil fuels to clean energy. However, implementation of the COP26 Statement in the export risk insurance policies of the various OECD members is highly uneven – not least because gas will play a key role as a transitional technology for the foreseeable future.
In this context, SERV has revised its guidelines for implementing the declaration. When making insurance decisions, SERV considers a set of criteria. In addition to the Paris alignment review, the criteria include the incorporation of Switzerland’s foreign and development policy interests, a balance of economic interests and the consideration of practices in partner countries.
If you have any questions, please contact our Team.
The guidelines can be found here.
