Standard Chartered Bank and tech firm Siemens Energy have jointly issued the first green guarantee in Qatar.
The guarantee relates to a solar power project involving the two companies.
According to a statement, the green guarantee will not only aid the project’s completion but will serve as a “powerful de-risking mechanism, accelerating the flow of private financing into climate mitigation and adaptation projects in developing nations”.
It has also been referred to as an “entirely new benchmark for sustainable finance in Qatar” and a model for companies to promote sustainable finance practices, according to Mohammad Salama, regional head of corporate commercial & institutional banking at Standard Chartered.
Qatar has stressed its commitment to promoting sustainable investment.
Last June, finance minister Ali bin Ahmed al-Kuwari told the Qatar Economic Forum said that he was committed to issuing green bonds if the opportunity arises.
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