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Thursday 13 July 2023
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Construction & Real Estate
 
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KEY DECARBONISATION GOALS





BAPCO ENERGIES LAUNCHES SUSTAINABILITY-LINKED FINANCE FRAMEWORK

MANAMA, 1 DAYS AGO



Bapco Energies, the integrated energy company leading the energy transition in
Bahrain, has become the world’s first national energy company to publish its
Sustainability-Linked Finance Framework.
 
The Framework was developed in close collaboration with Standard Chartered,
which acted as the company’s ESG (Environmental, Social and Governance) advisor
in the process, said a statement from Bapco Energies.
 
The Framework will allow Bapco Energies to link its financing with
decarbonisation goals in line with Bahrain’s commitment to sustainability and
climate action as pledged by His Royal Highness Prince Salman bin Hamad Al
Khalifa, the Crown Prince and Prime Minister of the Kingdom of Bahrain, at
COP26.
 
As part of the Framework, Bapco Energies has disclosed detailed Scope 3 absolute
emissions targets. 
 
Unlike Scope 1 and 2 emissions which are related directly to the operations of
Bapco Energies, Scope 3 refers to emissions that the company is indirectly
responsible for - a measure that is critical in the fight against climate
change. 
 
Under the Framework, Bapco Energies will be able to tap into the emerging ESG
investor and lender base in a robust and transparent manner, said the statement
from the Bahraini company. 
 
With Standard Chartered’s support, the Framework received a Second Party Opinion
from ISS confirming its alignment with the ICMA Sustainability-Linked Bond
Principles (SLBP) and the LMA Sustainability-Linked Loan Principles (SLLP), it
stated.
 
Group CEO Mark Thomas said: "We are proud to have published our
Sustainability-Linked Finance Framework and Second Party Opinion from ISS.
Disclosing our detailed and ambitious decarbonisation targets, makes us the
first national energy company to implement this practice setting a global
benchmark in the energy sector."
 
In the Framework, Bapco Energies lists its Scope 1 and 2 net emissions intensity
reduction targets, using 2017 as a baseline: 15% by 2025, 25% by 2030, 50% by
2040, 75% by 2050; and by 2060, reaching net zero Scope 1 and 2 emissions. 
 
The Bahraini energy giant said it is committed to reducing absolute Scope 1 and
2 emissions by 30% from 2017 levels by 2035. For its landmark Scope 3 targets,
Bapco Energies will reduce absolute Scope 3 emissions within the kingdom by 30%
from 2017 levels by 2035; and by 2060, reach Net-Zero Scope 3 emissions.
 
"Transparency in sharing these targets allows us to play our part in addressing
the global climate crisis more effectively, and we are committed to actively
contributing to global and local sustainability agendas. This announcement
underlines our commitment to deliver a commercially viable energy transition to
support the Kingdom's efforts of achieving Net-Zero by 2060," stated Thomas.
 
Dr Boutros Klink, Standard Chartered CEO, Bahrain and Middle East (excluding the
UAE) said: "We are delighted to have built on our longstanding relationship with
Bapco Energies and our support for the kingdom’s ambitions by creating its
Sustainability-Linked Finance Framework, which is testament to our
market-leading sustainable finance capabilities."
 
"We are proud to have been part of Bahrain’s economic growth for the last 100
years and hope to continue to be for the next 100 years and beyond," he stated. 
 
"We commend Bapco Energies for its undertaking of this Framework and for leading
the way among national energy companies in setting ambitious emission reduction
targets that will contribute to efforts that seek to mitigate climate change. At
Standard Chartered, we are committed to supporting our clients across our
dynamic footprint as they venture into the sustainable finance market to meet
their ESG ambitions," he added.-TradeArabia News Service





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