Normal Chartered Financial institution has accomplished a transition commerce finance facility for Lafarge Emirates Cement, one of many largest cement producers within the UAE and an entirely owned subsidiary of Holcim Group.
The transition finance facility goals to assist Lafarge Emirates Cement with their newest mission, a waste warmth restoration system. This mission will cut back the corporate’s reliance on utilizing electrical energy from the grid to energy their operations, thereby supporting their transition to cleaner energy sources consistent with Holcim’s goal of being web zero by 2050.
The transaction enhances Normal Chartered’s dedication to offering $300bn of inexperienced and transition finance by 2030 is a part of the aim to be ‘ Internet Zero’ by 2050 and is consistent with the UAE’s industrial technique to spice up the commercial sector.
The waste warmth restoration answer is being supplied by one of many largest international gamers in electrical energy, pure fuel, and power providers with a dedication to attain web zero carbon emissions by 2045. That is additionally the primary waste warmth restoration mission within the UAE to make use of natural rankine cycle (ORC) expertise.
Rola Abu Manneh, CEO, Normal Chartered UAE, stated: “We’re happy to assist one of many UAE’s largest cement producers with their journey in direction of web zero. That is consistent with the UAE’s imaginative and prescient to attain Internet Zero by 2050 and is aligned to Normal Chartered’s international technique of mobilising capital in direction of inexperienced and transition finance.”
She added: “This market-first transition commerce finance facility is a results of our native experience, worldwide community, and sturdy sustainable finance proposition. All of which was put collectively to assist Lafarge Emirates Cement of their journey in direction of web zero.”
Olivier Milhaud, GM of Lafarge Emirates Cement, stated: “We’ve made a dedication to constructing a web zero future for our individuals and planet, and this is likely one of the main milestones in our journey in direction of sustainability. The mission encourages the usage of clear and environmentally pleasant power in our operations and likewise helps our international mission to construct a web zero world.”
