Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
Shares of private healthcare services group Mediclinic International (LON: MDC) are down on Friday following its agreement with Energy Exchange of Southern Africa to procure renewable electricity.
The deal is part of the company's target to become carbon neutral by 2030 and will see it buy renewable energy, specifically electricity.
“While Mediclinic strongly believes that the use of renewable energy is important in ensuring a healthy planet for future generations, reducing consumption by investing in energy-efficient equipment and renewable energy sources also assists in mitigating rising electricity costs,” the company stated.
Mediclinic added that the agreement will likely provide an economic benefit as the annual tariff increases are expected to be inflation-linked.
Dr Ronnie van der Merwe, the company's CEO, said: “Mediclinic is committed to ensuring that every day we improve sustainability by managing our resources responsibly and efficiently to the benefit of our stakeholders and the environment.
“All divisions are taking steps to reduce their electricity consumption intensity through the adoption of the ISO 14001:2015 environmental management system. This will lead to improved operational efficiency of technical installations; the introduction of various new energy-efficient and renewable technologies; and changes in employee behaviour regarding energy use.
“Mediclinic is proud to participate in this pioneering renewable electricity initiative with Energy Exchange, enabling us to, over time, add more of our facilities to their network as we strive towards achieving the Group's target of being carbon neutral by 2030.”
Mediclinic shares are currently down 1.08% at 312.2p after initially falling to a low of 306.8p earlier in the session.
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