Standard Chartered has made a noteworthy announcement, issuing its inaugural green guarantee in collaboration with China Energy Engineering Shanxi Electric Power Engineering Company (CEEC-SEPEC) in Oman. This groundbreaking endeavor highlights the shared dedication of the bank and CEEC-SEPEC towards sustainable finance and their commitment to bolstering renewable energy initiatives on a global and regional scale.
Standard Chartered’s green guarantee pertains to a solar project in Oman, with CEEC-SEPEC acting as the principal EPC (Engineering, Procurement, and Construction) contractor. The primary objective of this project is to develop and operate an advanced solar power facility, contributing significantly to Oman’s renewable energy objectives and the reduction of carbon emissions. Standard Chartered’s issuance of the guarantee not only underscores its confidence in CEEC-SEPEC’s project but also reinforces its commitment to advancing a greener and more sustainable future.
Hailing this achievement, Mr. Hussain Al Yafai, CEO of Standard Chartered Oman, expressed pride in the bank’s role in facilitating sustainable development in Oman. By providing the first green guarantee for CEEC-SEPEC’s renewable energy venture, the bank not only supports the growth of the renewable energy sector but also aligns its efforts with Oman’s vision for a more sustainable future. This partnership, according to Mr. Al Yafai, demonstrates the bank’s unwavering commitment to driving positive change and promoting the transition to clean energy.
Chairman of CEEC-SEPEC, Mr. Wang Xinping, expressed pleasure in having Standard Chartered as their trusted financial partner for this significant project. He emphasized that the green guarantee signifies their mutual dedication to renewable energy development in Oman. With the support of Standard Chartered, they aim to accelerate the transition towards a low-carbon economy, contribute to Oman’s sustainable development goals, and make a positive impact on the local community.
The issuance of this inaugural green guarantee represents a significant milestone in strengthening the bilateral relationship between China and Oman. Both nations recognize the increasing importance of collaboration and knowledge exchange across various sectors, including finance, energy, and sustainable development. This partnership not only enhances economic ties but also lays the foundation for future opportunities and reaffirms China and Oman’s commitment to collaborating on sustainable growth initiatives.