Siemens issues Qatar’s first green guarantee for solar power project

The solar plant is expected to play a major role in Qatar’s national climate change action plan

Standard Chartered Bank and global technology major Siemens Energy have joined hands to issue the first green guarantee in Qatar.

The guarantee will be applicable for a solar power project that is expected to play a major role in the country’s national climate change action plan and also help reduce its carbon footprint while boosting energy independence.

This landmark initiative marks a significant milestone in increasing sustainable and responsible banking practices in Qatar and helps set a new standard for the industry. The green instrument is also designed to support the project’s successful completion and long-term sustainability.

Daniela Schoeppner, VP 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.”

Setting a new standard for sustainable finance in Qatar

Mohammed Salama, regional head of Corporate Commercial & Institutional Banking, Standard Chartered Bank, said: “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.”

Salama concluded: “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.”

Source Credits: Construction Week Middle East