As per the latest reports on Sept 13, 2021, Standard Chartered has announced its first green trade finance facility in UAE with an agenda to encourage Amplus Energy Solutions, a subsidiary of Amplus Solar, in its solar generation business.
Amplus Solar, a member of the PETRONAS Group, is a distributed energy organization that facilitates low-carbon energy solutions to industrial and commercial clients.
This announced sustainable trade finance solution in the UAE by Standard Chartered will enable it to boost:
1. Sustainable goods by coordinating with clients and partners to provide funds for underlying goods that fulfill sustainability standards.
2. Sustainable suppliers by assisting trade for suppliers who fulfill adequate thresholds against ESG ratings or metrics. For example, gender equality, reliable sourcing criteria, and water use.
3. Sustainable end utilization by concentrating on trade financing in sustainable businesses including renewable energy, energy effectiveness, blue economy, sustainable infrastructure, water management, and clean transportation, and transition businesses by aiding businesses to move and diminish their carbon impressions by facilitating appropriate trade financing.
According to Rola Abu Manneh, chief executive officer, Standard Chartered UAE, “We are glad to declare the bank’s first green trade facility for the group backing of PETRONAS, and its UAE-based subsidiary, Amplus Dubai, in their advancement towards embracing feasible practices through the improvement of their international trade processes.”
“With our local proficiency, global presence, and solid sustainable trade finance recommendation, Standard Chartered is well established to help organizations in creating feasible and resilient supply chains, according to our obligation to bring capital towards getting the UN’s Sustainable Development Goals.”
According to Sanjeev Aggarwal, managing director and chief executive officer, Amplus Solar, “We anticipate developing our organization with Standard Chartered, that presently ranges across our essence in India and Dubai. Pushing forward with the green financing facility, we are sure that we can additionally extend our green impression across new areas and aid organizations in achieving their sustainability goals. ”
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