Qatar’s first Green Guarantee issued for a solar project 

Qatar’s first Green Guarantee issued for a solar project 

RIYADH: Standard Chartered Bank and Siemens Energy have issued Qatar’s first Green Guarantee – an initiative designed to increase sustainable and responsible banking practice in the country.

The Green Guarantee was granted for a solar power project that is projected to play a significant role in the country’s national climate change action strategy and its goal of reducing its carbon footprint while enhancing its energy independence.

This Green instrument is intended to aid in the project’s completion and long-term sustainability.

Green guarantees can serve as a powerful de-risking mechanism, accelerating the flow of private financing into climate mitigation and adaptation projects in developing nations.

“The road to net zero requires partnership, innovation, as well as decarbonization. This is highlighted in the development of this innovative Green Guarantee as a trading instrument with Standard Chartered, which will support the development of an important solar power project in Qatar,” Daniela Schoeppner, vice president of Finance Hub Middle East at Siemens Energy said.

The collaboration between Standard Chartered Bank, Qatar, and Siemens Energy creates an entirely new benchmark for sustainable finance in Qatar and serves as a model for companies and institutions interested in promoting responsible and sustainable finance practices.

The announcement is the latest move by countries in