This strengthens Autonom's commitment to continue the sustainability pathway set in 2021 when the company issued its landmark first sustainability-linked bond – a milestone for Romania as it was also the first in the country.
Autonom's services include car leasing, fleet management and short-term rental of vehicles. The company is raising finance to pursue environmentally friendly growth. It aims to expand the car fleet to meet increased demand from local business, while reducing its carbon footprint.
The company's latest sustainability strategy raises its green ambition. The company plans to cut its operating fleet's carbon emissions by 30 per cent by 2028 and by 55 per cent by 2030. Autonom will also address the transport industry's gender gap, targeting an increase of women in management from 37 per cent in 2023 to 43 per cent by 2028 and 46 per cent by 2030.
”We are pleased to expand cooperation with our longstanding partner Autonom and support its ambitious sustainability efforts. This issuance underpins the company's commitment to significantly reduce its carbon footprint. We also fully support Autonom's pledge towards gender diversity, with the company aiming to foster better representation of women in managerial roles.” said Victoria Zinchuk, EBRD Director for Romania.
EU objectives include reaching 30 million electric vehicles across the bloc by 2030 and decreasing carbon dioxide emissions by 15 per cent by 2025 and by 55 per cent by 2030 from 2021 levels. The EU has also set a ban for internal combustion engine vehicles by 2035, requiring major long-term investment in electric vehicles.
"We are proud and grateful for the long-standing partnership we have with the EBRD, which has played a pivotal role in Autonom's sustainable growth. With their continued support, we have been able to expand and strengthen our sustainability initiatives, proving that economic performance and environmental responsibility can go hand in hand,” said Dan Ștefan, co-founder of Autonom.
He continued: “This new bond issuance allows us to accelerate our green ambitions and invest in environmentally friendly mobility solutions, while contributing to the transformation of Romania's transport industry and capital markets. We look forward with confidence to achieving our ambitious goals for 2028 and 2030, with strong partners like the EBRD by our side."
Founded in 2006 in Piatra Neamț by entrepreneurs Marius Stefan and Dan Stefan, Autonom successfully developed the business based on a value for money and reliable services strategy. The company expanded organically as well as via aquisitions to currently reach more than 500 employees and operating a fleet of over 15,000 cars.
With the Romanian economy facing heightened uncertainty due to the war in nearby Ukraine, high inflation and borrowing costs have put additional pressure on corporates in recent years. The EBRD's financing will support Autonom in gaining broader access to public debt capital markets, helping build scale and critical mass and ultimately contributing to the development of Romania's capital markets – one of the EBRD's goals for the country.
