In its work, ESG (Environment, Social, and Governance) principles are seen as crucial for GEG‘s business and activities internationally. GEG has implemented a holistic sustainability policy focusing on ESG matters to help manage its risks and opportunities to develop a reduced time, risk, and cost geothermal energy solution in its commitment to support the UN’s Sustainable Development Goals (SDGs).
GEG (including its subsidiaries) has designed a GEG Green Financing Framework to issue debt financing, including but not limited to bonds and loans, to finance its Eligible Projects. As a commitment to ensure responsibility for the sustainability of the company’s general operations, suitable governance procedures are in place. GEG will establish a Green Registry for the sole purpose of recording green financing.
To uphold the utmost level of transparency, GEG will also provide rigorous allocation and impact reporting to its investors and wider stakeholders in line with GEG’s general annual reporting cycle, until Green Bond net proceeds are fully allocated. All reporting conducted will utilize best market practice and international guidelines and protocols.
The company‘s CEO is responsible for the company’s general operations. An Executive Committee will be responsible for project evaluation, selection, disbursements of Green Financing, overview of the Sustainability Registry, replacement of Projects in the Registry, and other related tasks.
The Committee consists of and is chaired by the CEO — other Committee members can be GEG Managing Directors or any individuals or experts that the GEG board appoints. Other parties recognized as subject matter experts, internal or external, may be consulted. The Committee meets when required — at least bi-annually.
The use of the proceeds from GEG’s Green Financing Framework will be focused on both financing and refinancing eligible projects, whilst net proceeds will not be placed in Assets, Projects, or in entities with a business plan focused on fossil energy generation, nuclear energy generation, research and/or development within weapons and defense, environmentally negative resource extraction (such as rare-earth elements or fossil fuels), gambling, or tobacco.
Furthermore, GEG’s Green Registry will only support the financing of green projects or the repayments of green bonds. This further supports GEG’s aim of achieving a level of allocation for the Eligible Green Project Portfolio which matches or exceeds the balance of net proceeds from its outstanding Green Financing.