Standard Chartered has announced a significant milestone in its commitment to sustainable finance by issuing its inaugural green guarantee for China Energy Engineering Shanxi Electric Power Engineering Company (CEEC-SEPEC) in Oman. This groundbreaking initiative underscores both entities’ dedication to renewable energy projects regionally and globally, emphasizing sustainable finance principles.
The green guarantee, provided by Standard Chartered, is directed towards a solar project in Oman, with CEEC-SEPEC serving as the primary Engineering, Procurement, and Construction (EPC) contractor. The project’s objective is to establish and manage a state-of-the-art solar power plant, contributing to Oman’s renewable energy objectives and mitigating carbon emissions.
Standard Chartered’s issuance of this green guarantee signifies not only its trust in CEEC-SEPEC’s project but also reinforces its commitment to advancing a greener and more sustainable future, as stated in a press release by the bank.
Hussain al Yafai, CEO of Standard Chartered Oman, commented on this landmark achievement, stating, “We take immense pride in facilitating sustainable development in Oman. By issuing our first green guarantee for CEEC-SEPEC’s renewable energy project, we are not only fostering the growth of the renewable energy sector but also aligning our efforts with Oman’s vision of a more sustainable future. This partnership underscores our unwavering dedication to driving positive change and accelerating the transition to clean energy.”
CEEC-SEPEC’s Chairman, Wang Xinping, also expressed his satisfaction with the collaboration, stating, “We are delighted to have Standard Chartered as our trusted financial partner for this landmark project. This green guarantee reflects our shared commitment to renewable energy development in Oman. With Standard Chartered’s support, we will expedite the transition towards a low-carbon economy, contribute to Oman’s sustainable development goals, and create a positive impact on the local community.”
This issuance of the first green guarantee between Standard Chartered and CEEC-SEPEC marks a significant achievement in strengthening the bilateral relationship between China and Oman. Both nations acknowledge the increasing importance of collaboration and expertise exchange in various sectors, including finance, energy, and sustainable development.
