Governance

Download the full Green Financing Framework Second Opinion document from CICERO, where GEG’s Green Financing Framework was rated Dark Green, the highest rating.

In our work, ESG (Environment, Social, and Governance) principles are seen as crucial for all international and domestic business activities. GEG ehf. has implemented a holistic sustainability policy focusing on ESG matters, to help manage risks and opportunities in order to develop a reduced time, risk, and cost geothermal energy solution. This is all done as a part of our commitment to support the UN Sustainable Development Goals (SDGs). 

GEG and our subsidiaries have designed a GEG Green Financing Framework to issue debt financing, including but not limited to bonds and loans, to finance our Eligible Projects. As a commitment to ensuring responsibility for sustainable company 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 our investors and wider stakeholders. This will be performed 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 any international guidelines and protocols.

The company CFO and CTO are responsible for all 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 GEG Chairman — 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 outstanding Green Financing.

The GEG team and our partners adhering to good environmental and social principles by venturing to a sensitive project site on horseback to prevent any unnecessary damage by vehicles.

A workshop held in Northern India between GEG’s CRO (seen presenting) and local stakeholders.

GEG is ISO 9001 Certified for our Quality Management System