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Malaysia’s Petronas secures ‘green finance’ facility for UAE solar unit

Petronas’ subsidiary – Amplus Dubai – will use funds for new solar generation capacity

Last updated: September 13, 2021 | 12:05

Gulf News Report

1 MIN READ

Green financing is turning out to be quite the category to get into for global banking heavyweights.

Reuters

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Dubai: Standard Chartered has completed its first green trade finance facility to support Amplus Dubai, a subsidiary of Malaysian oil giant Petronas. The financial value of the transaction was not disclosed.

According to Sanjeev Aggarwal, Managing Director and CEO of Amplus Solar, “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.”

Standard Chartered’s newly introduced sustainable trade finance proposition allows the bank to support:

Sustainable goods, by working with customers and partners to finance underlying goods that meet agreed sustainability standards.

Sustainable suppliers, by helping out those who meet acceptable thresholds on ESG (Environmental Social Governance) ratings such as gender equality, responsible sourcing criteria and water use.

Sustainable end-use, by focussing on trade financing in sustainable industries, including renewable energy, energy efficiency, the blue economy, sustainable infrastructure, water management and clean transportation.

Transition industries, through engaging in industry transitions and reduce carbon footprint by offering trade financing that recognizes efforts to help reduce emissions.

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