Standard Chartered Declares First Green Trade Finance Facility


Posted September 27, 2021 by Ngulminthang

Standard Chartered has announced a new set of sustainable trade finance solutions to provide its first green trade finance facility in support of Petronas Group.
 
As per the latest reports on Sept 22nd, the first green trade finance facility has been announced by the Standard Chartered following the declaration of the latest set of sustainable trade finance solutions across Asia, Africa, and the Middle East, Europe, and the Americas earlier this year.

The aforesaid announcement of a green trade finance facility is expected to assist Amplus Energy Solutions, a UAE-based subsidiary of Asian energy firm Amplus Solar, in its solar generation business. Amplus Solar is a member of the Petronas Group that facilitates low-carbon energy solutions to industrial and commercial clients. According to the bank, the financing with an undisclosed amount will be utilized to help the organization in applying sustainable practices and constructing a more feasible & resilient supply chain.

This is the main excursion for Standard Chartered's new sustainable trade finance recommendation, which consists of the Loan Market Association (LMA) green and sustainability-linked loan standards into its facilities. The solution was introduced in March this year and can be utilized for funding underlying goods to further cater to the described sustainability guidelines, to aid trade for suppliers who fulfill ESG metrics, or to provide funds to trade activities in sustainable businesses, such as sustainable power, and transition operations, such as emission reduction.

As per Pradeep Nair, head of structured solutions, transaction banking at Standard Chartered, “The discretionary recommendation along with our traditional trade finance facilities and is intended to assist our customers in their process to apply sustainable practices across their supply chains. By inculcating the LMA’s principles into our trade finance framework, we expect to support developed disclosure and reporting, and eventually bring our more engaged ventures towards a more sustainable future”

As per Rola Abu Manneh, CEO of Standard Chartered UAE, “We are so glad to declare the bank’s first green trade facility for the group in support of Petronas and its UAE-based subsidiary, Amplus Dubai, in their advancement towards taking on economical practices through the upgrade of their global trade procedures. The bank is committed to bringing capital towards getting the UN’s Sustainable Development Goals.”

For now, Standard Chartered’s sustainable trade finance facilities include supply chain finance, invoice financing, letters of credit, receivables services, bonds, and guarantees. The bank explains that more products will continue in due course.

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Issued By Ngulminthang Lhanghal
Country Singapore
Categories Business
Tags green trade finance facility , ngulminthang , ngulminthang lhanghal , standard chartered , sustainable trade finance solutions
Last Updated September 27, 2021