Fig. 1: Aggregate trends of energy finance by export credit agencies.

a Global sum of ECA energy guarantees by year. b Global sum of ECA direct lending to energy projects by year. Area colors indicate different energy subsectors across fossil fuel, renewables, nuclear and grid projects. c Share of RETs over total ECA energy lending and guarantees, respectively. Data coverage is global except Export Development Canada, the Canadian ECA (see “Methods” and Supplementary Fig. 7). Note that some countries do not fully report transactions to TXF (e.g., China and Mexico, see Supplementary Fig. 1, 2b). We triangulate the results displayed here using tertiary data from Oil Change International, a non-governmental organization, in Supplementary Fig. 3. We separately report the tertiary data for Canada in Supplementary Fig. 7. ‘Other fossil’ includes deals in the power (n = 44) and shipping sector (n = 6) that could not unambiguously attributed to one type of energy (e.g., conventional/mixed power plants or ships used for both oil and gas extraction) as well as conventional hydrogen (n = 1). ‘Other RETs’ includes mixed renewables (n = 50), hydro (n = 25), waste-to-energy (n = 8), biogas (n = 6), biomass (n = 6), geothermal (n = 5) and green hydrogen (n = 3).