14 June 2021, Singapore – Standard Chartered and ENGIE South East Asia (“ENGIE”) announced today the successful execution of the Bank’s first Green Banker’s Guarantee in Singapore. Issued under the Bank’s Sustainable End-Use Pillar of its Sustainable Trade Framework, this transaction is per JTC's requirement for ENGIE to fulfil its contractual obligations to build, own and operate an underground district cooling system for Singapore’s upcoming Punggol Digital District.
The Green Banker’s Guarantee with a renewable tenure of up to 33 years 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.
This landmark transaction, also Standard Chartered’s first Green Banker’s Guarantee executed in ASEAN, is aligned with both the Bank and ENGIE’s sustainability objectives as they work towards implementing more sustainable practices across their ecosystems. As Singapore commits to its Green Plan 2030 towards sustainable development, net-zero emissions and a green economy, sustainable initiatives by corporates are important to help the nation make solid advancements towards long-term resilience.
Last year, ENGIE 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 will only invest in projects compatible with its carbon ambition and is committed to Net Zero Carbon by 2045 for all 3 scopes.
Thomas Baudlot, CEO, ENGIE South East Asia said: “ENGIE is committed to support the energy transition in South East Asia. It is pivotal to see our most sustainable projects benefit from specific financing conditions. We are pleased to have brought this issuance to fruition through close collaboration with Standard Chartered. Our Green Financing Framework ensures that eligible green projects provide environmental and social benefits, and the District Cooling Project for Punggol Digital District is the first in Singapore to meet these criteria.”
Standard Chartered aims to embed sustainability and responsibility into everything it does as a bank and to be the leading private catalyser of finance for the Sustainable Development Goals (SDGs) where it matters most, across its footprint. Standard Chartered recently launched sustainable trade finance solutions across Asia, Africa and the Middle East, Europe and the Americas to help companies implement more sustainable practices and build more resilient supply chains.
Patrick Lee, Cluster CEO, Singapore & ASEAN Markets (Malaysia, Vietnam, Thailand and representative offices), Standard Chartered Bank (Singapore) Limited said: “We are proud to be able to provide support to ENGIE through the Bank’s first Green Banker’s Guarantee in Singapore. 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. The private sector has a big role to play in advancing Singapore’s sustainability journey and Standard Chartered looks forward to working with more companies to realise our collective green ambition.”
 Greenhouse gas emissions are categorised into three groups or 'Scopes' by the most widely-used international accounting tool, the Greenhouse Gas (GHG) Protocol. 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. Scope 3 includes all other indirect emissions that occur in a company’s value chain.
Senior Manager, Marketing & Communications, ENGIE South East Asia
M:+65 9155 5600
Manager, Marketing & Communications, ENGIE South East Asia
M: +65 9298 5711