KSA Business: Apricorp gets ‘A2’ Sustainability Rating for ESG integration – Gulf Digital News

KSA Business: Apricorp gets ‘A2’ Sustainability Rating for ESG integration – Gulf Digital News

The Arab Petroleum Investments Corporation (Apricorp), a multilateral financial firm, has become the first Mena financial institution to receive a solicited sustainability rating from VE, part of Moody’s ESG Solutions.

In its report, Moody’s ESG Solutions noted that the ‘A2’ assigned to Apricorp is 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.

Commenting on the rating, Dr Ahmed Ali Attiga, CEO of Apricorp, said: “I am proud that Apricorp’s extensive work in mainstreaming sustainability across its operations has been recognised with this ‘A2’ Sustainability Rating. Having such a reputed, independent, third-party assessment of our progress positions us as an exemplar for best practices in ESG integration and a prime enabler of green financing to achieve a balanced, responsible energy transition across the Mena region.”

Continued future growth

Notably, Moody’s reported that Apricorp’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%, indicating continued future growth.

The near-term progress is buoyed by its successful debut green bonds in 2021, which aligns with its strategic dedication is to combat climate change through its