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Abu Dhabi-listed energy and utilities company TAQA is establishing a green finance framework to issue green bonds, sukuks, loans and other debt instruments to promote its ESG goals and the UAE’s net-zero goal by 2050.
Proceeds will go towards eligible green projects, including renewable energy, energy efficiency, sustainable water and wastewater management, and clean transportation, terrestrial and aquatic biodiversity, the company said in a statement.
TAQA said Citi, Standard Chartered Bank, MUFG and HSBC are the joint sustainable development structural banks for the green finance framework, with First Abu Dhabi Bank (FAB) serving as the sustainable development financial framework advisor.
Last year, TAQA announced its 2030 ESG Strategy, with medium-term GHG reduction targets of 25% reduction in Scope 1 and 2 emissions and 33% reduction in UAE portfolio emissions, from a 2019 baseline.
The company also plans to make renewable energy a 30% share of its electricity generation by that date, a process it said it accelerated by acquiring a 43% stake in the Abu Dhabi-based company’s renewable energy business masdar.
(Writing by Imogen Lillywhite; Editing by Daniel Luiz)
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