Tabreed's district cooling assets span signature destinations such as Downtown Dubai and Saadiyat Island. Image Credit: Supplied

Dubai: The UAE district cooling company Tabreed has put together a ‘Green Financing Framework’ that will help with taking on projects that will be built and operate on sustainable practices. Tabreed will issue ‘green’ bonds and take on loans that will only be used for the funding of eligible ‘green projects’.

These projects will thus optimise energy efficiency as well as reduce waste. “We are convinced this will align our operations with the UN’s and UAE’s sustainable development goals,” said Adel Salem Al Wahedi, Tabreed’s Chief Financial Officer

“Around the world, governments and public institutions are adopting ambitious sustainability agendas and at Tabreed we are supporting the UAE’s efforts in this regard. Our investors and stakeholders trust us to lead the drive for sustainability in the district cooling and energy sector. This green financial framework will benefit developers and communities alike, as well as provide Tabreed with its own extra capacity for meaningful growth.”

The Green Financing Framework has been developed in accordance with ICMA Green Bond Principles (GBP) 2021 and the Loan Market Association’s Green Loan Principles (GLP) 2021. It will be governed by a multidisciplinary management committee led by Tabreed’s CFO.

Broad funding spectrum
Tabreed's ‘Eligible Green Projects’ manifesto will cover its core business of constructing, acquiring and operating district cooling schemes, as well as projects related to energy and water efficiency and wastewater management.