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TAQA Introduces Eco-Friendly Finance Plan For sustainable Ventures | |
| Sumita Pawar |
Abu Dhabi National Energy Company (TAQA) has launched a Green Finance Framework to issue green bonds, sukuks, loans, and other debt instruments.
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Proceeds will go to eligible green projects, including renewable energy, energy efficiency, sustainable water and wastewater management, clean transportation, and terrestrial and aquatic biodiversity.
The framework is aligned with the Green Bond Principles 2021 set out by the International Capital Market Association and has obtained a second-party opinion from Moody's Investor Services, which gave it a Sustainability Quality Score of SQS2 (very good).
TAQA's 2030 ESG Strategy includes reducing greenhouse gas emissions by 25% by 2030 and expanding its share of renewables to at least 30% of its total generation capacity by 2030. TAQA has acquired a 43% stake in Masdar's renewables business, bringing its portfolio to over 28% renewables.
The Green Finance Framework will help TAQA finance its journey towards achieving its environmental, social, and governance goals and contribute to its long-term net-zero goal. The framework is a significant step towards decarbonizing the power and water sectors in the UAE and around the world.