"Recycling " It launches the green financing framework
Abu Dhabi, September 2 / WAM / The Green Finance Framework Recycling Group launched a comprehensive guide designed to link future institution’s funds to its strategy in the areas of environmental, social and institutional governance (ESG), by integrating a set of qualified green investments.
The framework was developed in cooperation with a number of leading institutions in the sector, including Abu Dhabi First Bank and Standard Charterd, and the framework obtained an independent evaluation (the opinion of the second party) from the International Classification Agency “Moodyz”, which is one of the most prominent international credit rating agencies, and a pioneering provider of independent evaluation of green financing frameworks. The banks played the role of the main advisers in structuring sustainability, environmental and social consultations and governance, by providing their experiences and observations to support the development of the framework, which is characterized by inclusiveness and cohesion, and in line with the principles of green bonds issued by the International Capital Markets (ICMA) and the principles of green loans issued by the Loan Market Association (LMA).
Engineer Ali Al Dhaheri, Managing Director and CEO of the Recycling Group, stressed the importance of launching the green financing framework for a recycling group, which is a pivotal step in its march towards integrating the principles of sustainability in its various operations .. He explained that by harmonizing its future funds with the principles of environmental, social and institutional governance, and the concepts of the circular economy, confirming the recycling of its commitment to responsible growth and creating value, as it reflects Her partnership with major financial institutions such as Abu Dhabi First Bank and Standard Charterd Bank, the quality of this framework and its conformity with international standards, which enhances its pioneering position in the field of green finance and sustainable investment.
For his part, Martin Treko, head of banking services for companies and institutions at the first Abu Dhabi Bank, stated that the bank’s customers’ support in their future investments represents the essence of its work, especially those related to achieving climate neutrality, and as a leading party in the field of sustainability at the region level, the bank enables the advice to a recycling group on the structure of financing options that attract investors concerned with sustainability, to ensure that it has a head The money needed to achieve its environmental obligations, and through this framework, the foundations that link the future funds of the group and their strategy related to the principles of environmental, social and institutional governance were laid in order to achieve sustainable growth.
In turn, Mohamed Salama, head of the banking coverage of companies and institutions at Standard Charterd – UAE, Middle East and Pakistan, stressed the importance of cooperation with a recycling group in developing its framework for green financing, pointing out that this cooperation reflects the leadership of a recycling group in the areas of sustainability, and at the same time encourages other institutions in the region to integrate environmental considerations within its financial strategies, noting that this framework will contribute to the creation of the creation The desired change, enhancing sustainable growth in this vital sector.
The framework supports the agenda of the Green Recycling Group, in formulating a coherent approach to assessing the criteria for financing green projects, through four main components that are in line with the principles of bonds and green loans, namely: exploiting the returns in defining clear criteria to allocate green projects financing; And evaluation of projects and their choice through a strict mechanism; It guarantees the definition of the best and most influential, and enhances the efficiency of the management of a recycling group for its revenues, and its benefit from the data issued in its reports, in order to enhance the principles of transparency and accountability.
In the context of the group’s strategy related to environmental, social and institutional governance, and its commitment to applying the principles of the circular economy, the framework includes clear references to mechanisms for evaluating environmental risks and enhancing transparency in the implementation of initiatives related to sustainability. This achievement reflects the ongoing efforts made by the group to urge companies to alleviate environmental risks, explore the opportunities for sustainability, highlighting aspects of allocating sustainable capital, and taking advantage of emerging environmental markets, as well as enhances the framework of cooperation and exchange of knowledge, which contributes to accelerating the transition towards a more sustainable financial system.
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