In 2021, UK Export Finance made its first TCFD disclosure, delivering on a commitment made in the 2019 Green Finance Strategy and becoming the first UK government department to do so. The disclosure set out UKEF's approach to climate change (across TCFD's four key pillars (Governance; Strategy; Risk Management; and Metrics and Targets) and highlighted key progress in embedding it across the department. Last year, UK Export Finance published its second TCFD disclosure, significantly Implementing TCFD has allowed UK Export Finance to better identify, assess and manage climate-related risks across all its activities, as well as identifying actions to support decarbonisation of its portfolio on its path to net zero by 2050. This includes actions UK Export Finance can take to support its customers' transitions. It has also enabled UK Export Finance to play a leadership role among export credit agencies globally, encouraging others to follow the UK's lead. CHAPTER 2 | ALIGN