Standard Chartered, a UK-based banking and financial services company, has closed a ‘transition trade’ facility with Lafarge Emirates Cement to enable the cement producer to invest in a waste heat recovery (WHR) system. The transition trade facility is believed to be the first of its kind in the Middle East and forms part of Standard Chartered’s commitment to provide US$300bn in ‘green’ and transition finance by 2030.
“This market-first transition trade finance facility is a result of our local expertise, international network, and robust sustainable finance proposition,” said Rola Abu Manneh, CEO, Standard Chartered UAE. “All of which were put together to support Lafarge Emirates Cement in their journey towards net zero.”
The system being installed at Lafarge Emirates Cement is also the first WHR project in the UAE to use organic Rankine cycle (ORC) technology. “This is one of the major milestones in our journey towards sustainability,” said Olivier Milhaud, general manager of Lafarge Emirates Cement. “The WHR project encourages the use of clean and environmentally friendly energy in our operations and also supports our global mission to build a net zero world.”
