Standard Chartered has successfully executed its first green trade finance facility to support Amplus Energy Solutions FZE, a subsidiary of Amplus Solar, in its solar generation business. Amplus Solar is a member of the PETRONAS Group and is Asia’s leading distributed energy company which provides low-carbon energy solutions to its industrial and commercial customers. This facility is a significant milestone towards the implementation of sustainable practices across ecosystems and in building more resilient supply chains.
Standard Chartered’s newly introduced Sustainable Trade Finance Proposition in UAE, which applies a sustainability lens to its entire suite of trade finance products, allows the Bank to support:
- Sustainable goods: Working with customers and partners to finance underlying goods that meet agreed sustainability standards.
- Sustainable suppliers: Supporting trade for suppliers who meet acceptable thresholds against ESG ratings or metrics such as gender equality, responsible sourcing criteria and water use.
- Sustainable end-use: Focusing on trade financing in sustainable industries including renewable energy, energy efficiency, the blue economy, sustainable infrastructure, water management and clean transportation.
- Transition industries: Helping industries transition and reduce their carbon footprint by offering trade financing that recognises efforts to help reduce emissions.
Rola Abu Manneh, Chief Executive Officer, Standard Chartered UAE, said: “ It is our pleasure to announce the bank’s first green trade facility for the Group in support of PETRONAS, and its UAE-based subsidiary, Amplus Dubai, in their progress towards adopting sustainable practices through the enhancement of their global trade processes. With our local expertise, international presence, and robust Sustainable Trade Finance Proposition, Standard Chartered is well positioned to support companies in developing sustainable and resilient supply chains, in line with our commitment to drive capital towards achieving the UN’s Sustainable Development Goals.”
“We look forward to growing our partnership with Standard Chartered, that now spans across our presence in India and Dubai. Moving ahead with the green financing facility, we are confident that we can further expand our green footprint across new regions and support companies in achieving their sustainability goals” said Sanjeev Aggarwal, Managing Director and Chief Executive Officer, Amplus Solar.