The Arab Petroleum Investments Corporation (Apicorp), a multilateral development financial institution focused on the energy sector in the Middle East and North Africa, or Mena region, will soon tap the global market with its green bond/sukuk.
The move, which will make Apicorp the first energy-focused institution in the world to come out with Green bond, comes after it launched its inaugural green bond framework, which reinforces its commitment to projects that are aligned with its recently approved ESG (environment social and governance) policy framework as well as advance the development of the broader sustainable finance market.
In particular, the projects financed, refinanced and/or invested in by Apicorp’s green bond/sukuk are also intended to be aligned with the sustainable development goals (SDGs) and will aim to promote climate mitigation and adaptation, the transition to a circular economy, pollution prevention and control and biodiversity preservation.
“The energy sector is undergoing an exciting and rapid transition towards a cleaner and more sustainable energy mix. By launching the Green Bond framework, Apicorp is providing new avenues for investment in projects and ventures that further the development of safe, affordable, and renewable energy sources," said Dr Ahmed Ali Attiga, it chief executive.
The green bond framework is in alignment with the International Capital Market Association’s (ICMA) Green Bond Principles 2021 (GBP). In addition, the framework enjoys a second party opinion (SPO) from V.E' which assesses Apicorp’s Green Bond programme “Contribution to Sustainability” and “Expected Impacts” as “advanced,” along with a “coherent” classification vis-à-vis Apicorp’s strategic sustainability priorities and sector issues.
"The framework reflects our deep understanding of the ESG impact of our investments across the energy spectrum and our commitment to setting out new engagement strategies with our stakeholders to spread awareness of their ESG exposure. This will, in turn, enhance our collective ability to address the challenges posed by climate change,” Attiga said.
Dr Sherif Elsayed Ayoub, chief financial officer of Apicorp, said the green bond framework meets the "strategic" objective of enlarging the share of green financing within its lending and investment portfolios as well as expands the potential for regional and sectoral debt issuers to access the green space.
The latest announcement follows the unveiling of Apicorp’s ESG Policy Framework and its plans to allocate $1bn towards green energy projects and sustainable energy companies over the next two years, which is complemented by a commitment to measure the ESG footprint of all its assets by end of 2023 through active engagement with its stakeholders.
In particular, the projects financed, refinanced and/or invested in by Apicorp’s green bond/sukuk are also intended to be aligned with the sustainable development goals (SDGs) and will aim to promote climate mitigation and adaptation, the transition to a circular economy, pollution prevention and control and biodiversity preservation.
“The energy sector is undergoing an exciting and rapid transition towards a cleaner and more sustainable energy mix. By launching the Green Bond framework, Apicorp is providing new avenues for investment in projects and ventures that further the development of safe, affordable, and renewable energy sources," said Dr Ahmed Ali Attiga, it chief executive.
The green bond framework is in alignment with the International Capital Market Association’s (ICMA) Green Bond Principles 2021 (GBP). In addition, the framework enjoys a second party opinion (SPO) from V.E' which assesses Apicorp’s Green Bond programme “Contribution to Sustainability” and “Expected Impacts” as “advanced,” along with a “coherent” classification vis-à-vis Apicorp’s strategic sustainability priorities and sector issues.
"The framework reflects our deep understanding of the ESG impact of our investments across the energy spectrum and our commitment to setting out new engagement strategies with our stakeholders to spread awareness of their ESG exposure. This will, in turn, enhance our collective ability to address the challenges posed by climate change,” Attiga said.
Dr Sherif Elsayed Ayoub, chief financial officer of Apicorp, said the green bond framework meets the "strategic" objective of enlarging the share of green financing within its lending and investment portfolios as well as expands the potential for regional and sectoral debt issuers to access the green space.
The latest announcement follows the unveiling of Apicorp’s ESG Policy Framework and its plans to allocate $1bn towards green energy projects and sustainable energy companies over the next two years, which is complemented by a commitment to measure the ESG footprint of all its assets by end of 2023 through active engagement with its stakeholders.
