APICORP gets A2 status from Moody’s

The Arab Petroleum Investments Corporation (APICORP) has received ‘A2’ Sustainability Rating from Moody’s ESG Solutions, making it the first financial institution in MENA to receive a solicited Sustainability Rating from the rating agency.

Moody’s ESG Solutions assigned the ‘A2’ rating to APICORP based on its capacity and willingness to integrate ESG factors into its strategy, operations, and risk management, which were formalised in its ESG policy framework.

Moody’s reported that APICORP’s share of project financing in renewables and other areas of climate finance has increased over the last three years by 10 percentage points to reach 13 percent, said APICORP in a statement.

“The rating reflects APICORP’s commitment to sustainable and inclusive development. Our green bond issuance, for example, enables us to provide new avenues for investment in projects that further the accessibility of safe, affordable, and renewable energy sources for communities,” said Dr. Ahmed Ali Attiga, CEO of APICORP.

“Furthermore, these projects will be governed by globally benchmarked ESG standards in terms of climate change mitigation, sustainable use of water resources, the transition to a circular economy, pollution prevention and biodiversity preservation,” Dr. Attiga added.

APICORP has issued green bonds in 2021, which they said aligns with the entity’s strategic dedication to combat climate change through its lending and financing practices.

The institute said it has developed new protocols to oversee its green financing work, including establishing a cross-functional green bond committee to ensure that projects funded through its green issuances are properly aligned.