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FinancialNews
13-04-23
TAQA Launches Green Finance Framework for Sustainable Initiatives
(MENAFN) Abu Dhabi National Energy Co., also known as TAQA, has announced the establishment of a new Green Finance Framework to facilitate the issuance of green bonds, sukuk, loans, and other financial instruments. The proceeds from these issuances will finance qualifying green initiatives such as renewable energy, energy efficiency, sustainable water and wastewater management, clean transportation, and terrestrial and aquatic biodiversity.
TAQA's Green Finance Framework is designed to contribute to the company's 2030 environmental, social, and governance strategy objectives and long-term net-zero goals. The Green Bond Principles 2021, released by the International Capital Market Association, are aligned with the major components of TAQA’s framework.
Jasim Husain Thabet, the group CEO and managing director of TAQA, said, "This framework is further evidence of how serious we are about putting sustainability and responsible business practices at the heart of everything we do. We also support the UAE in achieving its Net Zero by 2050 objective."
Citi, Standard Chartered Bank, MUFG, and HSBC jointly helped TAQA develop the Green Finance Framework as sustainability structuring banks. First Abu Dhabi Bank also joined hands as a sustainability finance framework adviser. Credit rating agency Moody’s Investor Services gave TAQA a second-party opinion and evaluated the framework, assigning it a sustainability quality score of SQS2, indicating that it contributes significantly to sustainability.
TAQA unveiled its 2030 ESG Plan in late 2022, which included intermediate objectives to reduce greenhouse gas emissions. The company has also committed to a 25 percent reduction in scope 1 and 2 emissions by 2030 throughout the group, including a 33 percent reduction in UAE portfolio emissions compared to the 2019 baseline, as a natural step toward reaching its net-zero aspirations by 2050.
TAQA's Green Finance Framework is part of its commitment to sustainable development and its efforts to reduce its carbon footprint. The company's initiative is another step towards a greener future and aligns with global efforts to mitigate climate change. It also supports the UAE's goal of achieving a net-zero carbon economy by 2050. By establishing a framework that channels investment into green initiatives, TAQA is setting an example for other companies to follow.
MENAFN13042023000045014228ID1105999750
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