Abu Dhabi: e& today announced the signing of a sustainable loan of AED 366 million (circa USD 100 million), as part of a strategic move in line with its ambitious climate action commitments at COP28. This demonstrates e&’s commitment to environmental and social responsibility and is an important step towards financing sustainable projects that have a positive, real-time impact on communities. e& Sustainable Finance Framework supports environmental, social and governance (ESG) strategy.
It aims to catalyse change through the issuance of a range of sustainable finance instruments, including Green, Social and Sustainability Bonds/loans. This initiative is aligned with industry best practice and standards, such as the International Capital Market Association (ICMA) Green Bond Principles and enables responsible finance in driving climate transition in the technology sector. Under the framework, e& secured a $100 million green loan to finance or refinance eligible sustainable development projects covering a range of areas in particular renewable energy, clean transport and energy efficiency.
The framework will facilitate future funding of additional projects concentrating on sustainable development, including sustainable water supply, waste management, green buildings and pollution prevention, in order to make a social impact. Hatem Dowidar, Group CEO, e&, said: “Following e&’s ambitious climate commitments at COP28 to achieve net zero carbon emissions by 2040 in our own operations across all markets, the signing of our first green loan is a landmark moment for the Group. It encapsulates our vision for integrating sustainability into our operations and financing strategies.
With this financing, we are not only reinforcing our commitment to a zero-carbon future, but also driving sustainable innovation in the technology landscape across all our markets. ” e& Sustainable Finance Framework has been assessed by Morningstar Sustainalytics, which asserts that e& Sustainable Finance Framework is credible, impactful and aligns with the Sustainability Bond Guidelines 2021, Green Bond Principles 2021, Social Bond Principles 2023, Green Loan Principles 2023, and Social Loan Principles 2023. The finance framework goes beyond being a mere financial instrument by creating a strategic method for cultivating a sustainable future.
This reflects the Group’s harmony with the UAE’s vision and worldwide endeavours to combat climate change, emphasising e&’s leadership in the technology sector towards a more sustainable and responsible path. About e& e& is one of the leading technology groups in the world. Boasting impressive financial figures for 2022, with consolidated net revenue reaching a staggering AED 52.
4 billion and consolidated net profit surging to AED 10 billion, the Group’s impeccable credit ratings reflect its strong balance sheet and track record of sustained success. Founded in Abu Dhabi over 47 years ago, the Group has a rich legacy as the pioneer in telecommunications in the UAE. Today, its footprint spans 16 countries across the Middle East, Asia, and Africa, making it a leading player in the industry.
Innovation is ingrained in e&’s DNA to create an unbreakable bond between communities using cutting-edge digital solutions, smart connectivity and advanced technologies. The Group has designed five strong business pillars that address various customer segments: etisalat by e&, e& international, e& life, e& enterprise and e& capital. Through these pillars, we strive to revolutionise the way people communicate, work and live by providing unparalleled services and exceptional experiences.
At e&, we are committed to pushing the boundaries of what is possible and delivering measurable results that make a difference in people’s lives. To learn more about e&, please visit: https://eand. com/.
From: zawya
URL: https://www.zawya.com/en/press-release/companies-news/e-and-successfully-signed-aed366mln-green-loan-agreement-kibxqhih
