Standard Chartered Bank, a British multinational banking and financial services company, has closed the region’s first 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 will support Lafarge Emirates Cement with their latest project, a Waste Heat Recovery (WHR) system. This project will reduce Lafarge Emirates Cement’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 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
“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 with Standard Chartered’s global strategy of mobilizing capital towards green and transition finance. 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.”
Mr. Olivier Milhaud, General Manager of Lafarge Emirates Cement, said that “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 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.”
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