(MENAFN) Standard Chartered Bank and Siemens Energy have announced the issuance of the first Green Guarantee in the state of Qatar. This groundbreaking initiative marks a significant milestone in promoting sustainable and responsible banking practices in Qatar and sets a new standard for the industry. The Green Guarantee was issued for a Solar Power project being developed in Qatar, which is expected to play a vital role in the country's national climate change action plan and objective to reduce its carbon footprint while increasing energy independence.
The Green Guarantee is designed to support the project's successful completion and long-term sustainability. By issuing this innovative Green Guarantee as a trade instrument with Siemens Energy, Standard Chartered Bank highlights the importance of partnership, innovation, and decarbonization on the road to net-zero. The Vice President Finance Hub Middle East at Siemens Energy, Daniela Schoeppner, expressed her support for the initiative, stating that the Green Guarantee will support the development of an important solar power project in Qatar.
The Regional Head of Corporate Commercial & Institutional Banking, Standard Chartered Bank, Mohammed Salama, emphasized the bank's commitment to promoting sustainable finance and supporting renewable energy projects that contribute to a more sustainable future for all. Salama stated that the 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.
Standard Chartered Bank has been a crucial catalyst of the sustainability agenda across its key markets by leading landmark transactions that support the sustainability objectives of market leaders such as Siemens Energy. This partnership between Standard Chartered Bank and Siemens Energy sets an example for other companies and institutions to follow in promoting sustainable finance practices.
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