Standard Chartered and France-based Engie have successfully completed the first Green Banker’s Guarantee in Singapore. This will also be the bank’s first Guarantee in the ASEAN region. The Guarantee was provided as part of the Sustainable Trade Framework’s Sustainable End-Use Pillar.
The guarantee will enable ENGIE to fulfil its contractual responsibilities to construct, own, and manage an underground district cooling system for the proposed Punggol Digital District, as stipulated by the Jurong Town Corporation (JTC). The Guarantee is issued in the form of a performance bond in favour of JTC as security for Engie’s performance under the conditions of the contract and has a renewable tenure of up to 33 years.
This guarantee is as part of the initiative launched by the Government of Singapore to increase sustainability and reduce carbon emissions in the country.