Apicorp to invest $1bn on green projects
The Arab Petroleum Investments Corp (APICORP) plans to allocate US $1 billion for green energy projects and "sustainable energy companies" within the next two years in an attempt to support the energy transition.
"We want to support a transition to a low-carbon, climate-resilient economy by mitigating risks across our operations, supply chain and client transactions by embedding sustainable principles in our business practices," APICORP Chairman Aabed bin Abdulla Al-Saadoun said.
The funds will be focused on the Middle East and North Africa region, APICORP said in a Sept. 13 statement. The bank's "green assets" make up about 13 percent of the current total, or US $550 million in loans and direct investments, the statement said.
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