EBRD Supports Romanian Car Leasing Firm Autonom with €9 Million Sustainability-Linked Bond Investment

EBRD Supports Romanian Car Leasing Firm Autonom with €9 Million Sustainability-Linked Bond Investment

(IN BRIEF) The European Bank for Reconstruction and Development (EBRD) has invested €9 million in a €30 million sustainability-linked bond issued by Autonom, a Romanian car leasing and rental firm. This marks a continuation of Autonom’s sustainability efforts, following its pioneering 2021 bond. The funding will support Autonom’s expansion while cutting its fleet’s carbon emissions by 30% by 2028 and 55% by 2030. The company also aims to increase women in management from 37% in 2023 to 46% by 2030. Founded in 2006, Autonom has grown to operate a fleet of over 15,000 vehicles. The EBRD’s investment will help Autonom access public debt markets and contribute to the development of Romania’s capital markets amidst economic challenges.

(PRESS RELEASE) LONDON, 25-Nov-2024 — /EuropaWire/ — In a significant boost for sustainable growth in Romania, the European Bank for Reconstruction and Development (EBRD) has committed €9 million to a €30 million sustainability-linked bond issued by Autonom, a leading car leasing and rental company in the country. This investment reaffirms Autonom’s drive toward environmentally conscious business practices and underscores its commitment to sustainability, first established with its pioneering 2021 sustainability-linked bond, the first of its kind in Romania.

Autonom, known for its car leasing, fleet management, and short-term vehicle rental services, is raising funds to facilitate its environmentally friendly expansion. The company plans to scale up its car fleet to meet increasing local business demand while simultaneously reducing its carbon footprint.

The company’s updated sustainability goals reflect a clear ambition to enhance its green credentials. Autonom aims to cut carbon emissions from its operational fleet by 30% by 2028, with a further reduction to 55% by 2030. Additionally, Autonom is addressing gender disparities in the transportation sector by setting clear diversity targets, including increasing the representation of women in management positions from 37% in 2023 to 43% by 2028 and 46% by 2030.

Victoria Zinchuk, EBRD Director for Romania, emphasized the importance of this partnership:
“We are delighted to deepen our collaboration with Autonom, a longstanding partner of the EBRD. This bond issuance highlights the company’s dedication to reducing its environmental impact and promoting gender diversity. These efforts align closely with the EBRD’s sustainability priorities and the EU’s ambitious climate and diversity goals.”

The EU has set clear targets to bolster its green transition, including achieving 30 million electric vehicles by 2030 and cutting carbon dioxide emissions by 55% by 2030 compared to 2021 levels. Plans to phase out internal combustion engine vehicles by 2035 further underscore the necessity of significant investment in electric mobility solutions.

Dan Ștefan, co-founder of Autonom, expressed gratitude for the EBRD’s support:
“We are proud of our enduring partnership with the EBRD, which has been instrumental in Autonom’s sustainable growth. Their backing has enabled us to integrate environmental responsibility into our economic performance. This new bond issuance allows us to invest in greener mobility solutions and advance our sustainability goals while supporting the transformation of Romania’s transport sector and capital markets.”

Founded in 2006 in Piatra Neamț by brothers Marius and Dan Ștefan, Autonom has grown into a major player in the Romanian market, supported by a strategy centered on reliable, cost-effective services. Over the years, the company has expanded both organically and through acquisitions, boasting over 500 employees and a fleet of more than 15,000 vehicles.

Romania’s economic landscape has faced challenges due to regional instability, inflation, and rising borrowing costs. The EBRD’s investment aims to help Autonom access public debt capital markets, enabling the company to build scale and resilience. This initiative also aligns with the EBRD’s broader goal of fostering the development of Romania’s capital markets.

To date, the EBRD has invested €11.3 billion in 547 projects in Romania, with the private sector receiving 82% of this support. The partnership with Autonom exemplifies the EBRD’s commitment to advancing sustainable growth and innovation in the region.

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SOURCE: EBRD