Bapco Energies world’s first to publish Sustainability-Linked Finance Framework

TDT | Manama              

The Daily Tribune – www.newsofbahrain.com

Bapco Energies, the integrated energy company leading the energy transition of Bahrain, has launched its Sustainability-Linked Finance Framework. The Framework will allow the Company to link its financing with decarbonisation 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.

Unlike Scope 1 and 2 emissions which are related directly to the operations of Bapco Energies, Scope 3 refers to emissions that the Company is indirectly responsible for - a measure that is critical in the fight against climate change.

The Framework was developed in close collaboration with Standard Chartered, which acted as the Company’s ESG advisor in the process. Mark Thomas, Group Chief Executive Officer, Bapco Energies said, “This announcement underlines our commitment to deliver a commercially viable energy transition to support the Kingdom’s efforts of achieving Net-Zero by 2060.”

Dr Boutros Klink, Standard Chartered CEO, Bahrain and Middle East (excluding the UAE) said: “We are proud to have been part of Bahrain’s economic growth for the last 100 years and hope to continue to be for the next 100 years and beyond.”