Standard Chartered signs Middle East's first 'transition trade' facility with UAE’s Lafarge Emirates Cement
Lafarge Emirates Cement will use new process in bid to cut down electricity use
Dubai: The sustainability push in the UAE’s private sector is getting some serious lending support. The UK’s Standard Chartered has closed a ‘transition trade’ facility – said to the first such in the region – with UAE’s Lafarge Emirates Cement llc, one of the largest cement producers in the UAE.
Lafarge Emirates Cement is initiating a ‘waste heat recovery’ system, which will allow it to use less electricity from the grid to power operations and support transition to cleaner power sources. The size of the funding facility from Standard Chartered has not been revealed.
“This market-first transition trade finance facility is a result of our local expertise, international network, and robust sustainable finance proposition,” said Rola Abu Manneh, CEO, Standard Chartered UAE. “All of which were put together to support Lafarge Emirates Cement in their journey towards Net Zero.”
The bank on its part is committed to providing $300 billion in ‘green’ and transition finance by 2030.
The waste heat recovery solution is being provided by ‘one of the largest global players in electricity, natural gas, and energy services’. This is also the first waste heat recovery project in the UAE to use Organic Rankine Cycle (ORC) technology.
"This is one of the major milestones in our journey towards sustainability," said Olivier Milhaud, General Manager of Lafarge Emirates Cement. "The WHR project encourages the use of clean and environmentally friendly energy in our operations and also supports our global mission to build a Net Zero world."