UAE’s EMSTEEL, one of the region’s largest publicly listed steel and building materials manufacturers, has launched its inaugural Green Finance Framework.
The Framework provides EMSTEEL and its subsidiaries with the flexibility to issue a range of green finance instruments—such as green bonds, loans, commercial papers, and medium-term notes—in multiple currencies. Funds raised through these instruments will be dedicated to financing or refinancing environmentally sustainable projects. These include low-carbon steel and cement production, solar photovoltaic systems, energy-efficient technologies, and other innovations geared towards reducing carbon emissions.
“Our Green Finance Framework is more than a financial tool – it is a strategic lever to accelerate our transition towards a low-carbon future,” said Engineer Saeed Ghumran Al Remeithi, Group CEO of EMSTEEL. “It demonstrates our commitment to internationally recognised green finance standards and to funding projects that deliver tangible environmental benefits.”
Group CFO Mark Tonkens added that the framework positions EMSTEEL as a regional leader in sustainable finance and strengthens its ability to secure capital for high-impact, climate-aligned projects.
The Framework has been developed in line with global best practices to ensure transparency and rigour in the issuance and reporting of green finance instruments. It has received a Second Party Opinion from Moody’s Ratings, which awarded it a Sustainability Quality Score of SQS2 (Very Good), bolstering investor confidence in EMSTEEL’s ESG credentials.
ING acted as Lead Sustainability Structuring Bank, with First Abu Dhabi Bank (FAB) serving as Sustainability Structuring Bank—underscoring strong regional collaboration in advancing the green finance agenda.
As part of EMSTEEL’s broader ESG strategy, the Framework supports ambitious emissions reduction targets, including a 40% cut in greenhouse gas emissions from steel production and a 30% reduction in cement production by 2030.
