Standard Chartered executes first green trade finance facility in UAE

UAE’s Standard Chartered has executed its first green trade finance facility to support Amplus Energy Solutions, a subsidiary of Amplus Solar, in its solar generation business.

Amplus Solar is a member of the PETRONAS Group, and is a distributed energy company which provides low-carbon energy solutions to industrial and commercial customers.

Standard Chartered’s sustainable trade finance solution in the UAE, allows it to support: sustainable goods by working with customers and partners to finance underlying goods that meet sustainability standards; sustainable suppliers by supporting trade for suppliers who meet acceptable thresholds against ESG ratings or metrics; sustainable end-use by focusing on trade financing in sustainable industries including renewable energy, energy efficiency, blue economy, sustainable infrastructure, water management and clean transportation; and transition industries by helping industries shift and reduce their carbon footprint by offering suitable trade financing.

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.