Standard Chartered grants first green banker’s guarantee in ASEAN | Asian Banking & Finance - The Latest News, Headlines, Insight, Commentary & Analysis
,Singapore
22 views

Standard Chartered grants first green banker’s guarantee in ASEAN

ENGIE is building an underground district cooling system for Singapore.

Standard Chartered and power utility firm ENGIE Southeast Asia have announced the successful execution of the bank’s first Green Banker’s Guarantee in Singapore. This is Standard Chartered’ first Green Banker’s Guarantee executed in ASEAN.

The guarantee is required from ENGIE by JTC in order for the firm to fulfil its contractual obligations to build, own, and operate an underground district cooling system for Singapore’s Punggol Digital District.

JTC is a local government agency under Singapore’s Ministry of Trade and Industry that champions sustainable industrial development

The Green Banker’s Guarantee has a renewable tenure of up to 33 years and is executed in the form of a performance bond in favour of JTC as security for the performance by ENGIE of its obligations and liabilities under the project agreement.

Upon full development, the district cooling system will achieve reduction of energy consumption and will be qualified against ENGIE's verified Green Financing Framework.

Patrick Lee, Cluster CEO, Singapore & ASEAN Markets (Malaysia, Vietnam, Thailand and representative offices) of Standard Chartered, said that the bank is ‘proud’ to provide support to ENGIE.

“More importantly, this demonstrates Standard Chartered’s ability to partner with our clients in achieving their sustainability goals as we seek to move the needle on progressing both the bank and corporates’ sustainability agendas,” Lee said.

Lee noted that the private sector has a big role to play in advancing Singapore’s sustainability journey, and said that the bank plans to work with more companies to realise this green ambition.
 
 In 2020, ENGIE reportedly mandated that all projects must undergo a comprehensive ESG assessment and calculation of emissions, as well as the decarbonising effect that they provide to their clients, thus demonstrating economic and environmental value to increase investment and innovation.

Going forward ENGIE said that it will only invest in projects compatible with its carbon ambition and is committed to Net Zero Carbon by 2045 for all 3 scopes.

Greenhouse gas emissions are categorised into three scopes by the Greenhouse Gas (GHG) Protocol, the most widely-used international accounting tool for such. Scope 1 covers direct emissions from owned or controlled sources; scope 2 covers indirect emissions from the generation of purchased electricity, steam, heating and cooling consumed by the reporting company; and scope 3 includes all other indirect emissions that occur in a company’s value chain.

Get Asian Banking & Finance - The Latest News, Headlines, Insight, Commentary & Analysis in your inbox
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

Banks have to remain consistent and continuous in testing best practices.
Shares were priced at the top end, at KRW39,000 ($34).
In January, 1.2 million transactions were carried out via the SGQR.
Its launch will require legal changes to the nation’s foreign exchange and IT rules.
But less than half of consumers are impressed with the digital financial services currently offered.
Treasury teams can mobilize liquidity and fund intraday payments in real-time.
Customers have the option to pay their tax balances in full or partially.
About 750 new accounts have been opened in four APAC markets through the new portal.
UnionDigital will be a wholly-owned subsidiary of the Philippine lender.
SmartStream’s Peter Hainz and Amazon Web Services’ Anna Green shared their insights on the advantages of on-demand and highly scalable cloud environments for banks and other financial institutions, as well as the factors hindering its adoption in the region.
This August, the Asian Banking & Finance and SAP will provide insights on the evolving landscape for ESG in financial services.
Thirteen lenders noted that demand was moderately weaker than the preceding 3-month period.
Investors will likely seek signs that private lenders will be able to step up lending once COVID subsides.
It opens up new revenue models and lowers the cost-to-serve.