The proceeds from these instruments will finance eligible green projects that include renewable energy, sustainable water and wastewater management, energy efficiency, clean transportation, terrestrial and aquatic biodiversity.
The Green Finance Framework is an essential mechanism to finance the journey towards achieving TAQA’s ESG goals, as a low carbon power and water champion.
The framework supports TAQA’s commitment to sustainability and responsible business practices, while also contributing to the UAE’s Net Zero by 2050 objective.
TAQA has obtained support from Citi, Standard Chartered Bank, MUFG, and HSBC as Joint Sustainability Structuring Banks and First Abu Dhabi Bank (FAB) as the Sustainability Finance Framework Advisor.
TAQA had announced its 2030 ESG Strategy, including interim greenhouse gas (GHG) emissions reduction goals in late 2022.
As part of its net-zero ambitions, TAQA aims to achieve a 25% reduction of scope 1 and 2 emissions by 2030 across the Group, including a 33% reduction of the UAE portfolio emissions compared to the 2019 baseline.
The Green Finance Framework is an essential step towards achieving these goals and decarbonizing the power and water sector and other industries in the UAE and worldwide.