Africa

New Environmental, Social, and Governance (ESG) Policy Framework reinforces APICORPS’s commitment to the Energy Transition

Published

on

New Environmental, Social, and Governance (ESG) Policy Framework reinforces APICORPS’s commitment to the Energy Transition

At APICORP, we want to lead by example when it comes to transitioning to more sustainable energy sources

DAMMAM, Kingdom of Saudi Arabia, September 13, 2021/APO Group/ —

ESG policy framework to institutionalize APICORP (www.APICORP.org)’s commitment to environmental protection, social responsibility, and robust governance; APICORP targets allocating US$ 1 bn to green energy projects and sustainable energy companies over the next two years to support energy transition; APICORP considering issuing green and sustainability bonds to fund sustainable ventures and business models within the energy sector.

The Arab Petroleum Investments Corporation (APICORP), an energy-focused multilateral development bank today unveiled its new ESG policy framework. The launch of the framework comes as part of APICORP’s drive to support energy transition in its member countries and beyond.

APICORP plans to allocate US$1 bn towards green energy projects and sustainable energy companies over the next two years, particularly in the MENA region, with a view to concomitantly measure the ESG footprint of all its assets by end of 2023 through active engagement with its stakeholders. Currently, green assets comprise more than 13% of the multilateral development bank’s overall portfolio – equal to around US $550 million in loans and direct investments, a figure which has more than quadrupled over the past 5 years.

The new framework also includes a robust due diligence toolkit to measure the ESG impact when making financing and investment decisions, with a focus on supporting the proliferation of renewable energy sources and low-carbon technologies as well as forging more strategic partnerships to promote the sustainability agenda.

Additionally, APICORP will look to introduce green and sustainability bonds in the coming period with the aim of accelerating the adoption of sustainable business models within the energy sector and providing industry players with incentives to pursue energy diversification and sustainability practices.

Commenting on the ESG policy framework, Dr. Aabed bin Abdulla Al-Saadoun, Chairman of the Board of Directors of APICORP, said: “As the world continues to experience unprecedented change, APICORP recognizes the importance of our role, our impact and our responsibility to tackle environmental and climate change challenge within our member countries, partners and wider stakeholders. We want to support a transition to a low-carbon, climate-resilient economy by mitigating risks across our operations, supply chain and client transactions by embedding sustainable principles in our business practices. We embark on this journey with the reassurance that all of our member countries are signatories to the 2015 Paris Agreement and participants at COP26 to be held in Glasgow later this year.”

Dr. Ahmed Ali Attiga, Chief Executive Officer of APICORP, said: “At APICORP, we want to lead by example when it comes to transitioning to more sustainable energy sources. Encouraging other partners in our ecosystem to be more mindful of their environmental, governance and societal footprint is therefore integral to our strategy moving forward. As a multilateral development bank with exposure to myriad industries within the energy space, we have the added advantage of being able to measure the overall impact more accurately across the regions in which we operate. Equally important, we will continue to drive the ESG agenda in our member countries through our research and knowledge sharing activities, as well as our unique position in advising key policy makers within government and regulatory circles.”

Underpinned by three core pillars – Responsible Banking and Investing, Social Inclusion and Partnerships, and Financial Resilience and Governance – the comprehensive framework is a key element of APICORP’s strategy to formalize and institutionalize its commitment to environmental protection, social responsibility, and robust governance. It also guides how APICORP will go about identifying, measuring, managing, monitoring, and reporting ESG risks and opportunities, as well as outlining criteria related to its own infrastructure, ethics and values, diversity and inclusion, and employee empowerment.

Additionally, the institution will also undertake voluntary public reporting on an annual basis drawn from the leading international standards, including the Task Force on Climate-related Financial Disclosures, The Principles for Responsible Investment, The Principles for Responsible Banking, and The Equator Principles.

To view APICORP’s ESG Policy Framework, please click here: https://bit.ly/3lfTl4u

Short Link: https://wp.me/pcj2iU-3CdB

NNN

NNN: :is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor @ nnn.ng

Recent Posts

Afghan saffron boss says Taliban will not silence her UNMISS educates Twic County residents in Warrap on revitalized peace deal Time For Urgent Action And Funds To Make Water Central To African Climate Policies Gabonese President Bongo pleaded for an inclusive energy transition Energy Capital & Power, Libya-Analysis LLC partner for the Libyan Energy and Economy Summit 2021 Africa Women Innovation and Entrepreneurship Forum (AWIEF) wins Associations Advance Africa award for outstanding achievement in diversity and inclusion In good times as in bad times, rugby is the life of Sanaa Barakat, the unstoppable of Rugby Africa Gambia Ministry of Petroleum and Gambia National Petroleum Company to attend MSGBC 2021 Oil, Gas and Electricity Conference South Korea’s President Moon raises dog meat ban Africa Oil Week set to host first-ever in-person event in Dubai Fuel 'panic-buying' in UK could see army to rescue Nigerian Mission, Unions in Italy vow to get justice for murdered lady One dead in strong quake on Greek island of Crete Pelosi hints infrastructure delay as US Congress begins huge week Imo leads as NCDC reports 255 new COVID-19 infections UNGA 76: Nigeria seeks UN support against counter-terrorism Cleric tasks women on inculcating good morals in children, society CBN pledges more support for youth empowerment 5.7-magnitude quake shakes Philippines’ main island CAC intensifies support for FG War Against Corruption China's Xi warns of 'grim' situation with Taiwan Coronavirus – Malawi: Daily COVID-19 Information Update (September 26, 2021) Senate President inaugurates 30,000-bird farm in Yobe Coronavirus: Africa CDC joins Global Citizen Live Concert to push for vaccine equity United States Ambassador to the United Nations Ms. Linda Thomas-Greenfield pays courtesy visit to President Dr. Hage G. Geingob on the sidelines of the United Nations General Assembly UNGA-76: Buhari returns with “special assignment’’ from World body NDA 38th Regular Course marks 35th anniversary, members share experiences Falconets spank CAR 7-0 in U-20 women’s World Cup qualifiers Cyclone Gulab makes landfall in eastern India Coronavirus – Zambia: Daily update of COVID-19 statistics (September 26, 2021) NNPC weekly review: FG approves incorporation of NNPC Ltd Majority of women in Iceland’s new parliament, European first Uganda launches last mile connectivity to increase electricity access to rural communities UK police arrest 38-year-old man over teacher’s murder — World — – Nigeria and World News Minister of Education and United Nations Resident Coordinator in Egypt explore potential areas of cooperation Islamist-Israel clashes kill four Palestinians in West Bank Côte d’Ivoire: African Development Bank mission assesses progress of Yamoussoukro agro-industrial project UNGA 2021: World has the resources to end hunger, says African Development Bank chief at United Nations Food Systems Summit Race wide open as Germany votes in post-Merkel election Pele hails Messi for new South American goalscoring record Davido mourns his late photographer NCDC announces 210 additional COVID-19 cases, two deaths California fights with fire to protect giant sequoias Devastated Joshua heads to hospital to check eye socket after losing titles Three dead, dozens injured after US train derailment Stakeholders harp on IST benefits Congress: APC stakeholders protest alleged alteration, replacement of names The Oyo State Government has concluded arrangements to celebrate the Nation’s 61st Anniversary Matriculation: Work hard to achieve dream, UNIBEN VC tasks fresh students Coronavirus – Malawi: Daily COVID-19 Information Update (September 25, 2021)