DUBAI: The Arab Petroleum Investments Corporation (Apicorp) has launched its first green bond framework.
It follows the recent approval of the OPEC-created financial institution’s environmental, social, and governance (ESG) policy framework, as it aims to develop the sustainable financial market.
The framework will be used to raise green bonds/sukuk for projects aligned with the UN Sustainable Development Goals - addressing issues in climate mitigation, circular economy, and biodiversity preservation among others.
It was created in line with the International Capital Market Association’s Green Bond Principles 2021.
“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,” Ahmed Ali Attiga, chief executive officer of Apicorp.
He said 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.”
Apircorp earlier said it will allocate $1 billion towards green energy projects and sustainable energy companies over the next two years.