The State Oil Company of Azerbaijan (SOCAR) plans to issue green bonds in the local financial market to finance environmentally friendly projects, Report informs, citing SOCAR.
The funds raised through the green bonds issuance will be directed to finance projects included in the company's green agenda. SOCAR has completed all preparations for this, including obtaining an Environmental, Social and Governance (ESG) rating and improving its credit rating, the company stated.
"Thus, SOCAR takes into account the component of using the ESG standards process in properly managing its obligations under international standards and gives preference to green financing opportunities. This includes effective management of SOCAR's strategic renewable energy projects, expanding opportunities for cooperation with international partners in this area, as well as supporting decarbonization processes in oil and gas operations," the company's statement says.