Bapco Energies, Bahrain publishes transition finance framework

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Bapco Energies, the integrated national energy company of Bahrain, has launched its transition finance framework.

Published on the sidelines of the World Economic Forum in Davos, the framework will 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 emission fuels, and energy efficiency amongst others.

It will also 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, Crown Prince and Prime Minister, at COP26.

Developed in close collaboration with Standard Chartered, which acted as the company’s ESG advisor in the process, the framework received a favourable second party opinion from ISS Corporate Solutions.

Bapco Energies Group chief executive Mark Thomas 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. We are proud to be the first national energy company in the region publish this framework and get a favourable second party opinion from ISS. This announcement, shortly after launching our sustainability-linked finance framework, showcases our commitment to actively contributing to global and local sustainability agendas, and to deliver a commercially viable energy transition to support the Kingdom’s efforts of achieving Net-Zero by 2060.”

Bapco Energies was the first national energy company to publish a sustainability-linked financing framework in July 2023, also under advisory from Standard Chartered.

Standard Chartered Africa and Middle East chief executive Sunil Kaushal said: “We are delighted to have collaborated with Bapco Energies on yet another framework, and to continue supporting Bahrain’s sustainability goals.”