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The Noor Abu Dhabi solar power plant in Sweihan, Abu Dhabi covers an area of ​​8 square kilometers and has 3.2 million solar panels. It is the largest independently operated solar power plant in the world, generating approximately 1.2 GW. (supply)
Abu Dhabi National Energy Company PJSC (TAQA), one of the region’s largest listed integrated utilities, announced on Wednesday that it has launched a new green finance framework for the issuance of green bonds, sukuks, loans and other debt instruments .
Proceeds from such issuance will go towards eligible green projects, including renewable energy, energy efficiency, sustainable water and wastewater management, clean transportation, and terrestrial and aquatic biodiversity.
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Projects funded under the Framework will contribute to TAQA’s 2030 ESG goals and its long-term net zero goal.
TAQA’s green finance framework aligns with global best practice set out in the four core components of the Green Bond Principles 2021 published by the International Capital Markets Association (ICMA). TAQA has also obtained a second party opinion (“SPO”) from Moody’s Investors Service (Moody’s). Moody’s also assessed the framework and gave it a Sustainability Quality Score of SQS2 (Very Good), which is the second highest score under Moody’s SPO scoring framework, meaning it has made a significant contribution to sustainability. significant contribution.
Jasim Husain Thabet, Group Chief Executive Officer and Managing Director of TAQA, commented: “TAQA’s Green Finance Framework is an important mechanism to help finance our journey to achieve our Environmental, Social and Governance (ESG) goals as a low-carbon energy and Water Champions. This framework is further evidence of how serious we are about putting sustainability and responsible business practices at the heart of everything we do, as we also support the UAE in achieving its net-zero emissions target by 2050. Our own emissions reductions The goals are supported by a business plan and solid green projects that will see us play a key role in decarbonizing the power and water sectors, as well as other sectors in the UAE and around the world.”
Jasim Husain Thabet, CEO and Managing Director, TAQA Group. (supply)
In establishing its Green Finance Framework, TAQA has the support of Citibank, Standard Chartered, MUFG and HSBC as the Sustainability Joint Bank, and First Abu Dhabi Bank (FAB) as the Sustainable Finance Framework Advisor support.
At the end of 2022, TAQA announced its 2030 ESG Strategy, which includes medium-term greenhouse gas (GHG) emission reduction targets. TAQA’s commitment to reduce Group-wide Scope 1 and Scope 2 emissions by 25% by 2030, including a 33% reduction in UAE combined emissions compared to a 2019 baseline, is a step towards net zero by 2050 One step at a time.
The broader ESG strategy is structured around six key themes of climate change, water and wastewater, occupational health and safety, diversity and equal opportunity, local community engagement and corporate governance. TAQA has also committed to increasing its share of renewable energy to at least 30% of our total electricity generation by 2030. This goal was accelerated with the acquisition of a 43% stake in Masdar’s renewable energy business, bringing our renewable energy portfolio to more than 28% from renewable sources.
read more: UAE energy company TAQA plans to expand its renewable energy portfolio to wean itself off oil
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