Question to the Department for Business and Trade:

To ask the Secretary of State for Business and Trade, what the cost to UK Export Finance was in 2024–25 of expanding its climate stress testing models and scenarios using Network for Greening the Financial System scenarios; what the estimated cost of this work was to the public purse; and whether an estimate has been made of the resulting compliance or financing costs on UK exporters and suppliers.

The work to update UKEF’s climate stress testing models in 2024-25 is in line with industry good practice on financial risk management and uses tools at no extra cost. This work is part of our ongoing responsibilities to meet government risk management requirements and was carried out by UKEF staff within existing resources. As this is an internal risk management exercise, it does not create compliance obligations or financing costs for UK exporters or suppliers.