Standard Chartered closes transition trade finance facility for Holcim Group

Standard Chartered Bank has completed a transition trade finance facility for Lafarge Emirates Cement, one of the largest cement producers in the UAE and a wholly owned subsidiary of Holcim Group.

The transition finance facility aims to support Lafarge Emirates Cement with their latest project, a waste heat recovery system. This project will reduce the company’s reliance on using electricity from the grid to power their operations, thereby supporting their transition to cleaner power sources in line with Holcim’s target of being net zero by 2050.

The transaction complements Standard Chartered’s commitment to providing $300bn of green and transition finance by 2030 is part of the goal to be ‘ Net Zero’ by 2050 and is in line with the UAE’s industrial strategy to boost the industrial sector.

The waste heat recovery solution is being provided by one of the largest global players in electricity, natural gas, and energy services with a commitment to achieve net zero carbon emissions by 2045. This is also the first waste heat recovery project in the UAE to use organic rankine cycle (ORC) technology.

Rola Abu Manneh, CEO, Standard Chartered UAE, said: “We are pleased to support one of the UAE’s largest cement producers with their journey towards net zero. This is in line with the UAE’s vision to achieve Net Zero by 2050 and is aligned to Standard Chartered’s global strategy of mobilising capital towards green and transition finance.”

She added: “This market-first transition trade finance facility is a result of our local expertise, international network, and robust sustainable finance proposition. All of which was put together to support Lafarge Emirates Cement in their journey towards net zero.”

Olivier Milhaud, GM of Lafarge Emirates Cement, said: “We’ve made a commitment to building a net zero future for our people and planet, and this is one of the major milestones in our journey towards sustainability. The 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.”