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UAE: Etihad Rail launches sustainable finance framework

Once completed, it will have passenger services as well as the freight services already operating and be part of a Gulf-wide railway network

Published: Wed 14 Aug 2024, 7:43 PM

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  • Reuters

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Etihad Rail, the developer and operator of UAE's rail network, has launched a sustainable finance framework, it said on Wednesday, as a possible step towards issuing green bonds to finance lower carbon infrastructure.

Etihad Rail connects industrial and commercial centres with terminals and major ports.

Once completed, it will have passenger services as well as the freight services already operating and be part of a Gulf-wide railway network, although the completion date has yet to be made public.

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Etihad Rail said in a statement the framework launched on Wednesday provided guidelines around green loan and bond principles, the use of proceeds, project evaluation and selection, as well as proceeds management and reporting.

It said the framework would tie future financing to its environmental, social and governance (ESG) strategy, providing guidelines on investments in areas such as clean transportation, green buildings and pollution prevention and control. UAE, which last year hosted UN climate talks and said it planned to invest $54 billion in energy and renewable sources through 2030, is aiming to reach a goal of net zero emissions by 2050.

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