ABU DHABI, twenty ninth October, 2018 (WAM) – Etihad Airways introduced the issuance of the primary Sukuk for transformation and financing associated to sustainability within the aviation sector on this planet, price $ 600 million, as a part of a framework to finance the transition.
This step comes on the heels of the issuance of the primary funding within the aviation sector linked to the United Nations sustainable growth targets throughout December of final yr, which confirms the main place of Etihad Airways within the discipline of sustainable financing.
The deal will help Etihad’s drive within the sustainable aviation sector by linking the phrases of the sukuk to the carbon discount targets set by Etihad Airways, that are the dedication to cut back web carbon emissions to zero by 2050, cut back 50 p.c of web carbon emissions by 2035 and cut back by 20 p.c. % of carbon emissions from the corporate’s passenger fleet by 2025.
Adam Boukadida, Chief Monetary Officer at Etihad Aviation Group, mentioned: “Sustainability and accountable local weather motion are a very powerful challenges dealing with the aviation sector, and because the nationwide airline of the UAE, Etihad Airways is dedicated to sustainable development within the aviation sector, consistent with Abu Dhabi’s imaginative and prescient.”
He added, “By issuing sukuk associated to sustainability, Etihad Airways is searching for to strengthen its present dedication in accordance with the Carbon Offset and Discount Scheme in Worldwide Aviation (CORSIA) and has additionally dedicated to lowering carbon emissions by 20 per cent since 2017.”
It’s price noting that HSBC and Commonplace Chartered banks have been appointed as world coordinators and joint brokers for sustainable structuring, whereas Abu Dhabi Islamic Financial institution, Dubai Islamic Financial institution, Emirates NBD Capital, First Abu Dhabi, HSBC and Commonplace Chartered have been appointed as lead regulators and Registered Bookrunners. As well as, Abu Dhabi Industrial Financial institution was chosen because the joint principal regulator and Mashreq Financial institution because the monetary advisor.
– He praised –
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