Standard Chartered Bank and Siemens Energy today announced the issuance of the first Green Guarantee in the state of Qatar. This landmark initiative marks a significant milestone in increasing sustainable and responsible banking practices in Qatar and helps to set a new standard for the industry.
The Green Guarantee was issued for a Solar Power project being developed in Qatar that is expected to play a major role in the country’s national climate change action plan and its objective to reduce the State’s carbon footprint while increasing its energy independence. This Green instrument is designed to support the project’s successful completion and long-term sustainability.
Daniela Schoeppner, Vice President Finance Hub Middle East at Siemens Energy said: “The road to net zero requires partnership, innovation, as well as decarbonisation. This is highlighted in the development of this innovative Green Guarantee as a trade instrument with Standard Chartered, that will support the development of an important solar power project in Qatar.”
Mohammed Salama, Regional Head of Corporate Commercial & Institutional Banking, Standard Chartered Bank said: “We are pleased to partner with Siemens Energy on the launch of this green guarantee. Our sustainability linked solution demonstrates our commitment to promoting sustainable finance and supporting renewable energy projects that contribute to a more sustainable future for all. Standard Chartered Bank has been a key catalyst of the sustainability agenda across our key markets through leading landmark transactions that support the sustainability objectives of market leaders such as Siemens Energy.”
This partnership between Standard Chartered Bank, Qatar, and Siemens Energy sets a new standard for sustainable finance in Qatar and serves as a template for companies and institutions looking to promote responsible and sustainable finance practices.