• Sustainable financing solutions help in funding transformative green projects and to accelerate the private sector's energy transition
UAE - Dubai 19, January 2023 – The UAE is investing heavily in environmentally friendly energy projects and witnessing significant increases in its clean energy production. The nation's commitment is exemplified through forward-looking initiatives such as the recent launch of the UAE Energy Strategy 2050 as well as its progress thus far in launching 11 environmentally-friendly energy projects worth $43bn (AED159bn).
Speaking at a panel discussion titled ‘Unleashing Private-Sector Investment in Energy Transition' on the sidelines of Abu Dhabi Sustainability Week 2023, Walid Sheta, President for the Middle East and Africa Zone, Schneider Electric, outlined the sustainable financing solutions that have taken centerstage in funding transformative green projects to accelerate the region's energy transition.
Sheta was joined on the panel by Amb. Patricia Espinosa-Cantellano, CEO and Founding Partner, Onepoint5; Paul Dickinson, Founder Chair, CDP; Helle Kristoffersen, President of Strategy and Sustainability, TotalEnergies; and Eugene Willemsen, PepsiCo CEO – Africa, Middle East and South Asia.
Sustainable finance is a key focus area for Abu Dhabi Global Market (ADGM), which has spearheaded forward-looking initiatives such as the UAE Guiding Principles on Sustainable Finance, the Abu Dhabi Sustainable Finance Declaration, the Executive Certificate in Sustainable Finance and the Abu Dhabi Sustainable Finance Forum.
The onus is on executives leading major private corporations to accelerate delivery of their net-zero commitments, issue green projects, and create sustainability-linked bonds.
“Schneider Electric has showcased strong commitments in sustainability, ranging from helping suppliers improve their sustainability practices to reducing customers' emissions through innovative solutions; these goals are better achieved through leveraging the right financing solutions. These goals are also better achieved in collaboration with the public sector. It is important that we join forces with the public sector and specific government entities to scale up our existing efforts and for faster deployment. Our nod to sustainable financing solutions speaks volumes of our commitment to ESG across our operations, business and culture,” said Sheta while speaking on the panel.
Over the past few years, Schneider Electric has shown commitment to help customers save and avoid carbon dioxide emissions. In 2020, in the middle of the pandemic, Schneider Electric launched the first ever sustainability-linked convertible bonds for a nominal amount of approximately €650 million, where one of the main KPIs was to reduce saved and avoided CO2 emission for customers by 2025.
Sustainable financing solutions are gaining attention globally and locally as major corporations adapt sustainability as a business imperative. As per a government report, UAE's market for climate friendly green bonds and sukuk is worth $17 billion today. Ahead of COP28, Dubai and the UAE is making massive strides to implement change across the global financial industry in relation to financing sustainable development goals.
Posted by : GoDubai Editorial Team
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Posted on : Thursday, January 19, 2023
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