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Standard Chartered Bank (SCB) has successfully closed the region’s first transitional trade finance facility for Lafarge Emirates Cement to build a waste heat recovery system.
The project will reduce Lafarge Emirates Cement’s reliance on grid electricity to power its operations, thereby supporting its transition to cleaner energy sources in line with Holcim’s goal of achieving net-zero emissions by 2050.
The deal is in line with Standard Chartered’s commitment to provide $300 billion in green and transformational financing by 2030, its commitment to achieve net-zero emissions by 2050, and the UAE’s industrial strategy to boost the industrial sector.
Organic Rankine Cycle
As the UAE’s leading cement producer and a wholly-owned subsidiary of the Holcim Group, Lafarge’s waste heat recovery solutions are provided by one of the world’s largest power, gas and energy services companies and are committed to achieving net zero carbon emissions by 2045 . This is also the first waste heat recovery project in the UAE using Organic Rankine Cycle (ORC) technology.
Commenting on the deal, Rola Abu Manneh, CEO of SCB UAE, said: “We are delighted to support one of the UAE’s largest cement producers in achieving net zero emissions. This is in line with the UAE’s vision of achieving net zero emissions by 2050 and is also in line with Standard Chartered A global strategy for banks to mobilize capital into green and transformational finance.”
She added: “This market-first transitional trade finance mechanism is the result of our local expertise, international network and strong sustainable finance proposition. All to support Lafarge Emirates Cement’s journey to net zero .”
important milestones
Olivier Milhaud, General Manager of Lafarge Emirates Cement, said: “We have committed to a net-zero future for our people and the planet, which is one of our important milestones in achieving sustainability. The WHR project encourages the use of clean and Green energy and support our global mission to build a net zero world.”- arab trade news agency
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