Bapco Energies becomes region’s first national energy company to publish transition finance framework

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

Bapco Energies, the integrated energy company leading the energy transition in Bahrain, has launched its Transition Finance Framework (“Framework”).

The Framework will allow the Company to further its goals in line with Bahrain’s commitment to sustainability and climate action as pledged by His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister of the Kingdom of Bahrain, at COP26.

The Framework, published on the side lines of the World Economic Forum in Davos, will also allow Bapco Energies to raise financing geared towards its transition projects for certain categories as it endeavours to implement its transition strategy.

These categories include Renewable Energy, Carbon Capture and Storage, No/Low Emissions Fuels, and Energy Efficiency amongst others.

The Framework was developed in close collaboration with Standard Chartered, which acted as the Company’s ESG advisor in the process.

With Standard Chartered’s support, the Framework received a favourable Second Party Opinion from ISS Corporate Solutions.

Bapco Energies was the first National Energy Company to publish a Sustainability-Linked Financing Framework launched in July 2023, which Standard Chartered also served as an advisor on.

Mark Thomas, Group Chief Executive Officer, Bapco Energies said, “Every conversation I’ve had so far at the World Economic Forum has included the need for urgent climate action, so it is fitting that we launch our Transition Finance Framework here.”

Sunil Kaushal, Standard Chartered CEO, Africa and the Middle East said: “At Standard Chartered, we are committed to supporting our clients across our dynamic footprint as they venture into the sustainable finance market to meet their ESG ambitions, and we hope this is the first of many similar frameworks that we support our clients on across the region.”