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World's first 'Green Sukuk' certified by the Climate Bonds Initiative

INSIGHT by the Climate Bonds Initiative

Published investESG on 2023-08-11
© Red Zeppelin
Pure play renewable energy company, reNIKOLA Holdings Sdn Bhd (“reNIKOLA”) is issuing up to RM390 million Sukuk that has been certified by the Climate Bonds Initiative (“Green Sukuk”). The Green Sukuk has been independently verified by RAM Sustainability Sdn Bhd to have complied with the science-based Climate Bonds Standard and Certification Scheme (“Climate Bonds Standard”).
Climate Bonds Initiative is an independent international not-for-profit organisation working to mobilisefinancial markets for climate change solutions. The Climate Bonds Initiative carries out market analysis, policy research, market development; advises governments and regulators; and administers a global Climate Bonds Certification Scheme.
Meanwhile, the Climate Bonds Standard is an overarching science-based, multi-sector certification scheme for investments that address the challenge of climate change and are consistent with the goals of the Paris Climate Agreement.

“We are extremely proud to be the first Green Sukuk issuer in the world to have the Climate Bonds Initiative certification. This certification by ClimateBonds Initiative is momentous for reNIKOLA as it demonstrates our dedication to global best practice in climate finance. This is reNIKOLA’s second green sukuk in three years and underscores the ability of the Group to mobilise capital for green projects to drive Malaysia’s energy transition goals forward.”

-Managing Director of reNIKOLA, Boumhidi Adel

“The Green Sukuk by reNIKOLA is the first Certified Climate Sukuk by Climate Bonds Initiative in Malaysia and the world, marking amajor milestone for the country towards encouraging more green, social or sustainable assets in the future.We are delighted to support reNIKOLA as the approved verifier in this significant transaction and be a part of their ESG journey.”

-Chief Executive Officer of RAM Sustainability, Gladys Chua

"We congratulate reNIKOLA on this ground breaking issuance of the first certified Green Sukuk, a significant milestone in the growing green Sukuk market. This certification not only acknowledges reNIKOLA's commitment to climate finance but also sets the standard for best practices in this evolving space. The global shift towards sustainable investments is gaining momentum, and this issuance demonstrates the increasing interest in financing projects that align with climate goals. By obtaining the Climate Bonds certification, reNIKOLA sets an example for other issuers, investors, and stakeholders, paving the way for a more robust and standardised green sukuk market.”

-Sean Kidney, Chief Executive Officer of Climate Bonds Initiative

about
reNIKOLA is a pure-play renewable energy (“RE”) producer, delivering clean and sustainable energy. Headquartered in Kuala Lumpur, reNIKOLA currently owns and operates large-scale solar power plants across the Peninsular Malaysia with an aggregate of 178 MWp in generating capacity. reNIKOLA has a target to build a RE portfolio of up to 1GWp comprising both solar and other renewable energy sources.
RAM Sustainability Sdn Bhd (RAM Sustainability) is a provider of sustainability services and environment, social and governance (ESG) analytics. Incorporated on 31 May 2000, RAM Sustainability is a wholly owned subsidiary of RAM Holdings Berhad (RAM Group). RAM Sustainability is the first ASEAN-based provider of sustainability ratings and second opinions, and has the distinction of being the first Registered Observer of the International Capital Market Associations’ (ICMA) Green Bond Principles (GBP), Social Bond Principles (SBP) and Sustainability Bond Guidelines in ASEAN. On 12 August 2020, RAM Sustainability became an Approved Verifier for the certification of climate bonds under the Climate Bonds Standard and Certification Scheme after having been awarded the status by the Climate Bonds Standards Board.
ClimateBonds Initiative An investor-focused not-for-profit, promoting large-scale investment in the low-carbon economy, ClimateBonds Initiative carries out market analysis, policy research, market development; advises governments and regulators; and administers a global Climate Bonds Standard & Certification Scheme. For more information, please visit https://www.climatebonds.net/.
Climate Bonds Standard and Certification is an overarching science-based, multi- sector certification scheme for investments – and now entities – that address the challenge of climate change and are consistent with the goals of the Paris Climate Agreement.
disclaimer
The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser. Any reference to a financial organisation or debt instrument or investment product is for information purposes only. Links to external websites are for information purposes only. The Climate Bonds Initiative accepts no responsibility for content on external websites.
The Climate Bonds Initiative is not endorsing, recommending or advising on the financial merits or otherwise of any debt instrument or investment product and no information within this communication should be taken as such, nor should any information in this communication be relied upon in making any investment decision.
Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds of a designated debt instrument. It does not reflect the credit worthiness of the designated debt instrument, nor its compliance with national or international laws.
A decision to invest in anything is solely yours. The Climate Bonds Initiative accepts no liability of any kind, for any investment an individual or organisation makes, nor for any investment made by third parties on behalf of an individual or organisation, based in whole or in part on any information contained within this, or any other Climate Bonds Initiative public communication.
All opinions expressed are those of the author and/or quoted sources. investESG.eu is an independent and neutral platform dedicated to generating debate around ESG investing topics.
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