Abu Dhabi-listed energy and utilities company TAQA is establishing a green finance framework to issue green bonds, sukuks, loans and other debt instruments, to contribute to its ESG targets and the UAE’s Net Zero by 2050 ambitions.

The company said in a statement that proceeds will go to eligible green projects, including renewable energy, energy efficiency, sustainable water and wastewater management, as well as clean transportation, terrestrial and aquatic biodiversity.

Citi, Standard Chartered Bank, MUFG and HSBC are joint sustainability structuring banks for the green finance framework, with First Abu Dhabi Bank (FAB) as sustainability finance framework advisor, TAQA said.

Last year, TAQA announced its 2030 ESG Strategy with interim greenhouse gas emissions reductions goals of 25% of scope 1 and 2 emissions, with 33% reduction of UAE portfolio emissions, with 2019 as the baseline.

The company also aims to make renewables 30% of its share of generation by that date, which it said had been accelerated by its acquisition of a 43% stake in the renewables business of fellow Abu Dhabi-based company Masdar.