By Olga Aristeidou
Highlights
- EBRD backs 500 million inaugural green Eurobond issuance of Greek company Mytilineos
- EBRD's 60 million participation to help company implement its sustainability strategy
- Mytilineos committed to achieving net-zero emissions by 2050
The European Bank for Reconstruction and Development (EBRD) has successfully participated in the first green Eurobond issuance by the Greek industrial and energy group Mytilineos SA with an investment of 60 million of the total 500 million offering.
The Mytilineos green Eurobond is aligned with the International Capital Market Association's (ICMA) Green Bond Principles, which advocate transparency and disclosure and foster integrity in the development of the green bond market.
The proceeds of the issuance will be used exclusively to finance eligible green projects with clear environmental benefits. These projects are aligned with the provisions in the EU taxonomy and contribute to specific Sustainable Development Goals as defined by the United Nations.
Through this inaugural green Eurobond issuance, Mytilineos will continue implementing its sustainability strategy committed to minimising the company's carbon footprint, with the ultimate goal of achieving net-zero emissions by 2050 across all of its business activities, in line with the Paris Agreement.
"One of the core objective of the EBRD is the transition towards a low-carbon economy in hard-to-abate heavy manufacturing industries. To help accelerate this transition, dedicated green finance channels such as green bonds can provide companies with the necessary funding to implement low-carbon projects. We have had a long relationship with Mytilineos focused on decarbonisation. Their green bond and net-zero carbon commitments can have a significant demonstration effect for other industrial producers in the EBRD regions," said Frederic Lucenet, EBRD Head of Manufacturing and Services.
Mytilineos is one of Greece's leading and globally operating industrial and energy companies, listed on the Athens Stock Exchange since 1995, and is active in the power and gas, metallurgy, renewables and storage development sectors, and sustainable engineering solutions. The group was founded in 1908 in Greece and today has a strong international presence, with projects in more than 30 countries on five continents.
The EBRD started investing in Greece on a temporary basis in 2015 to support the country's economic recovery. To date, the Bank has invested over 4.2 billion in more than 70 projects in the corporate, financial, energy and infrastructure sectors of the Greek economy.
