Tuesday, July 23, 2024

BAPCO Energies is the first national energy company in the world to publish a sustainability financing framework.

Date:

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Babco Energies was launched; Integrated Energy, which is leading the energy transition in the Kingdom of Bahrain, said its financial framework for sustainability will enable the company to link its funding to carbon reduction targets, in line with the Kingdom’s commitment to supporting efforts to protect the environment and climate. “COP26” at the United Nations Conference on Climate Change in Glasgow to fulfill the promise of the Crown Prince and Prime Minister Prince Salman bin Hamad Al Khalifa on the challenges of climate change.

The company revealed its goals related to reducing carbon emissions, for which BAPCO Energies is not directly responsible, as an important step in supporting efforts to combat climate change and challenges. This financing has served as a stable structure in the structure.

Babco Energies can benefit in a strong and transparent manner from a growing investor and lender base in the field of environmental, social and corporate governance, and with the support of Standard Chartered, has a comprehensive “Sustainability Linked Funding Framework”. ISS’s review shows that the structure is consistent with the principles of sustainability-linked bonds, the “SLBP”, issued by the International Securities Markets Association (ICMA), and the Sustainability Lending Principles (SLLP).

Mark Thomas, Group Chief Executive Officer, BAPCO Energies, said: “We are proud to publish our financial framework for sustainability reviewed by the ISS and to be the first national energy company to reveal our ambitious targets for decarbonisation. We need to implement this practice in the world with a detailed announcement confirming our commitment.” It helps support the Kingdom of Bahrain’s efforts to achieve zero neutrality by 2026 by providing a successful and effective model in energy transition planning.

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For his part, Standard Chartered, Bahrain and Middle East CEO Dr. Boutros Klink added: “We are pleased to consolidate our long-standing strong relationship with BAPCO Energies and continue to support the ambitions of the Kingdom of Bahrain. We are proud to have been part of Bahrain’s economic growth over the past century by establishing a sustainability-linked financial structure that reflects our market-leading financial capabilities, and Hopefully that will continue for years and decades to come.”

The financing framework reviews Bapco Energy’s detailed targets for reducing net emissions intensity in the first and second scopes, with 2017 as the starting point for work to 15% by 2025, 25% by 2030 and then 50. % by 2040. and 75% in 2050, so that by 2060 the Kingdom of Bahrain will achieve net zero emissions of the first and second domains.

Regarding the third objective, BAPCO Energies will reduce absolute level emissions within the Kingdom of Bahrain by 30% by 2035 from 2017; To achieve zero neutrality by 2060.

It is noteworthy that Standard Chartered has a long-standing commitment to sustainable financing, which is supported by a strong framework and a commitment to assessing, managing and mitigating environmental and social risks. The first phase of sustainable funding includes $1 billion by December 2030. It aims to achieve sustainable financing returns by 2025 and finance-related emissions to net zero emissions by 2050.

Nadia Barnett
Nadia Barnett
"Award-winning beer geek. Extreme coffeeaholic. Introvert. Avid travel specialist. Hipster-friendly communicator."

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