COSCO Shipping Ports launches finance framework for smart and green ports

CSP launches green finance framework plan

COSCO Shipping Ports (CSP) has launched a green finance framework as part of efforts to develop green and smart ports after gaining regulatory approval from the Hong Kong Quality Assurance Agency (HKQAA).

In a statement, CSP said the framework will serve as a comprehensive guideline in funding eligible green projects by way of green bonds or loans and regulating the use of proceeds and facilitate future financing arrangements. Bank of China is CSP’s green finance advisor.

Following approval from the HKQAA, the framework will contribute to the Green Finance Certification Scheme, China’s national project to develop smart and environmentally friendly infrastructure nationally and along the Belt and Road Initiative.

“Going forward, CSP will continue to actively support the national policy by integrating green finance and sustainability into its business operations to further attract potential green finance investors, with an aim to creating positive and sustaining value for its investors and stakeholders,” the company said.

“Under the principles of enhancing economic and environmental benefits, applying innovation and technology, and making contributions to the community.

“CSP has been upholding the concept of sustainability in developing green and smart ports which offer mutual benefits and achieving the targets of reducing carbon emission and promoting energy efficiency, with an aim to creating value for its stakeholders.”

Earlier in May 2021, CSP said it believed the worst effects of the COVID-19 pandemic to be over after its gross profits increased by 35.9% year-on-year (YoY) in Q1.

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