Abu Dhabi: e& has signed a sustainable loan agreement of $100 million as part of a strategic move in line with its ambitious climate action commitments at COP28.
This demonstrates e&’s commitment to environmental and social responsibility and is an important step towards financing sustainable projects that have a positive, real-time impact on communities.
e& Sustainable Finance Framework supports environmental, social, and governance (ESG) strategies. It aims to catalyze change through the issuance of a range of sustainable finance instruments, including Green, Social, and Sustainability Bonds/loans.
This initiative is aligned with industry best practices and standards, such as the International Capital Market Association’s (ICMA) Green Bond Principles, and enables responsible finance to drive climate transition in the technology sector.
Under the framework, e& secured a $100 million green loan to finance or refinance eligible sustainable development projects covering a range of areas, in particular renewable energy, clean transport, and energy efficiency.
The framework will facilitate future funding of additional projects concentrating on sustainable development, including sustainable water supply, waste management, green buildings, and pollution prevention, to make a social impact.
Mr. Hatem Dowidar, Group CEO, e&, stated that, “Following e&’s ambitious climate commitments at COP28 to achieve net zero carbon emissions by 2040 in our own operations across all markets, the signing of our first green loan is a landmark moment for the Group.”
“It encapsulates our vision for integrating sustainability into our operations and financing strategies. With this financing, we are not only reinforcing our commitment to a zero-carbon future, but also driving sustainable innovation in the technology landscape across all our markets,” Mr. Dowidar added.