Standard Chartered Bank with Siemens Energy announces the issuance of the first Green Guarantee in Qatar. This historic initiative is a major milestone in increasing responsible and sustainable banking practices in Qatar. It also sets a new standard in the industry.
A Green Guarantee was issued to Qatar for a Solar Power Project being developed in Qatar. It is expected that this project will play a significant role in Qatar’s national climate change plan. This plan aims to reduce Qatar’s carbon footprint and increase its energy independence. This Green instrument supports the project’s success and long-term sustainability.
Daniela Schoeppner, the Vice President of Finance Hub, Middle East for Siemens Energy stated, “The road towards net zero requires partnership and innovation as well as decarbonization. This is evident in the creation of the innovative Green Guarantee, a trading instrument with Standard Chartered that will support the development of a significant solar power project in Qatar .”
Standard Chartered Bank’s Regional Head for Corporate Commercial & Institutional Banking, Mohammed Salama said that the bank was pleased to work with Siemens Energy in the launch of this green warranty. Our sustainability-linked solution is a demonstration of our commitment to sustainable finance and supporting RE projects that contribute to a better future for all. Standard Chartered Bank has been a catalyst for the sustainability agenda in our key markets by leading landmark transactions that support market leaders like Siemens Energy.
The partnership between Standard Chartered Bank and Siemens Energy establishes a new standard in sustainable finance in Qatar. It serves as a model for institutions and companies looking to encourage responsible as well as sustainable financial practices.