BAKU, Azerbaijan, November 16. SOCAR has started issuing green bonds on the local financial market, Trend reports via SOCAR.
Meanwhile, it was noted that in recent years, new challenges in the field of environment, social responsibility, and corporate governance (ESG) and increased compliance requirements in this area necessitate the application of international standards in the processes of attracting financial instruments to global financial markets.
“In particular, the attention of companies to the application of ESG standards is increasing. In order to ensure the fulfillment of these requirements, SOCAR in recent years has ensured the implementation of ranking in the process of ESG application and ranked high in the evaluation scale compared to several similar companies. At the same time, SOCAR takes into account the benefit component of the ESG standards implementation process when properly managing its debts within the framework of international standards, as well as favoring green finance opportunities.
This consists in effective management of SOCAR's strategic projects in the field of renewable energy, expanding opportunities for cooperation with international partners in this field, and supporting decarbonization processes in oil and gas operations.
The funds to be attracted through the issue will be used to
finance projects included in the company's green agenda. In this
regard, SOCAR has completed all preparations, including obtaining
an ESG rating and improving its credit rating.
Furthermore, SOCAR also advocates the implementation of the growing
requirements of ESG standards in the future, the use of green
financial instruments for consistent and sustainable transparency,
which is one of the main conditions for corporate governance in the
international arena, and seeks to maximize the share of this type
of financing in the debt portfolio," the information notes.