Bapco Energies, Bahrain’s national integrated energy company, has launched a transition financing framework.
The framework, announced on the sidelines of the World Economic Forum in Davos, will enable Bapco Energies to raise funds for specific categories of transition projects in order to implement its transition strategy.
These categories include renewable energy, carbon capture and storage, zero/low emission fuels, energy efficiency, and more.
It also enables the company to advance its goals in line with Bahrain’s commitment to sustainability and climate action, pledged by Crown Prince and Prime Minister, Crown Prince Salman bin Hamad Al Khalifa, at COP26. It becomes possible.
The framework was developed in close collaboration with Standard Chartered, who acted as the company’s ESG advisor during the process, and received a favorable second-party opinion from ISS Corporate Solutions.
Mark Thomas, CEO of Bapco Energy Group, said: “Conversations we have had so far at the World Economic Forum have included the urgent need to tackle climate change, so it is fitting that we launch the Transition Finance Framework here. We are proud to be the first national energy company to publish a framework and receive a favorable second opinion from ISS. This announcement comes on the heels of launching a sustainability-linked finance framework. Demonstrates our commitment to proactively contributing to global and regional sustainability challenges and delivering a commercially viable energy transition to support Saudi Arabia’s commitment to achieving net zero by 2060. .”
Bapco Energies was the first national energy company to publish a sustainability-linked financing framework in July 2023, also advised by Standard Chartered.
Sunil Kaushal, Standard Chartered’s Africa and Middle East Chief Executive Officer, said: “We are delighted to be working with Bapco Energies on yet another framework and to continue to support Bahrain’s sustainability goals.”
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