The first in our new deep-dive series cuts through the noise to deliver a candid, fact-driven look at the forces reshaping export finance. We examine the uncomfortable realities behind defence financing; the rise of 20–30 year tenors and the strain this places on second-tier banks; downward pricing pressure on ECA assets; and why global volumes are flatlining. We assess the growing shift of ECA support toward developed markets, the long-term implications for mandate integrity, and the challenges posed by increasingly integrated supply chains for ECAs operating on strict national-content models. The session also charts the next wave of strategic sectors - critical minerals, battery storage, offshore wind - and considers where nuclear now sits in the evolving definition of “green” and “transition” finance.