Standard Chartered Bank, Siemens Energy issue Qatar’s ‘first green guarantee’

Standard Chartered Bank and Siemens Energy have announced the issuance of the “first green guarantee” in Qatar.
This 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. The project is expected to play a major role in the country's national climate change action plan and its objective to reduce Qatar’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, which will support the development of an important solar power project in Qatar.”
Mohamed Salama, regional head (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.