Saudi Arabia’s APICORP Inks USD 75 Million Islamic Facility with Hartree to Fund Carbon Offsets
November 11, 2022
Kingdom of Saudi Arabia-based energy-focused multilateral financial institution, Arab Petroleum Investments Corporation (APICORP) and Hartree Partners LP affiliate, Hartree Partners Power & Gas Company (UK) Limited, a global energy and commodities firm, have signed a USD 75 million Murabaha agreement in favour of the latter, according to a press release issued on the 7th of November 2022.
Why it Matters?
The facility will provide funding for top-notch voluntary carbon offsets that are registered with the non-profit platform Verra as well as the development of green initiatives across the globe. Each carbon offset denotes ownership of one tonne of carbon dioxide equivalent (CO2e), which offsets comparable emissions made by the holder. According to...