Economic / “Saudi Electricity” publishes the framework for issuing green bonds, the Saudi Press Agency

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Riyadh, Muharram 21, 1442 AH, corresponding to September 09, 2020 AD, SPA
The Saudi Electricity Company has published the Green Sukuk Framework Document, as an essential step to support financing its projects through innovative and sustainable financing mechanisms.
The company clarified that the portfolio of projects eligible for inclusion in the framework of green sukuk is determined according to its contribution to improving energy efficiency, or to increasing renewable energy connected to the electrical grid, which in turn can contribute to various environmental and social benefits.
The “Saudi Electricity” indicated that the smart meters project and the renewable energy linking projects in the company are among the eligible projects, according to that mechanism. Because of their expected positive environmental impact, by reducing or reducing greenhouse gas emissions, and thus contributing to mitigating climate change.
Within the framework of its strategic plan, which is supported by the Ministry of Energy, as well as the National Committee for the Clean Development Mechanism, the company focuses on creating value from its business, especially its green portfolio of projects that positively contribute to supporting future and specific national contributions from the Kingdom under the umbrella of the United Nations Framework Convention on Change The climate, and supports the achievement of sustainable development goals, in line with the Kingdom’s Vision 2030, such as: providing clean and affordable energy solutions, and by linking renewable energy capabilities to the electric grid, reaching 27.6 gigawatts by 2025, as well as supporting industry, innovation and infrastructure, By installing more than 10 million smart meters, providing an innovative infrastructure in the electricity sector, with huge investments estimated at 9.56 billion Saudi riyals.
Saudi Electricity confirmed that the framework for issuing green bonds was prepared in accordance with the principles of green bonds issued by the International Financial Market Corporation (ICMA), and a review and evaluation of the framework for issuing green sukuk was conducted by an independent international external party specialized in reviewing environmental practices, social responsibility and governance. The evaluation was in the highest category of reasonable assurance, namely the highest level of emphasis on the expected contribution of the green sukuk to the company’s sustainability goals. The evaluation report also emphasized the company’s ability to integrate environmental practices, social responsibility and governance within its strategy. Her business, work on it.
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