Standard Chartered has announced the completion of its first adaptation finance deal for a corporate client, following the release of its Guide for Adaptation and Resilience Finance. This transaction supports Jinko Solar Co., Ltd. (JinkoSolar) in delivering solar modules that can withstand extreme weather conditions to photovoltaic farms in the United States, UAE, and Saudi Arabia.
The deal aims to address the economic losses caused by extreme weather events such as tornadoes, storms, and sandstorms which have resulted in substantial financial damage globally. The International Chamber of Commerce reported that over the last decade, climate-related events have led to global economic losses amounting to approximately $2 trillion.
Ben Hung from Standard Chartered stated: "As a bank that sits at the centre of trade flows, and helps to facilitate them, we’re delighted to support JinkoSolar on this transaction. This deal demonstrates Standard Chartered’s ability to leverage the full breadth of our cross-border capabilities alongside our unique adaptation finance expertise."
Haiyun Cao from JinkoSolar added: "Adaptation and resilience financing are crucial in the journey to address climate change and as a leading enterprise in the photovoltaic industry, JinkoSolar feels a great sense of responsibility to support this."
Research indicates an urgent need for resilient infrastructure due to increasing frequency and severity of weather-related events. Tracy Wong Harris from Standard Chartered emphasized: "Standard Chartered offers practical solutions to mitigate the worst impacts of extreme weather."
Marisa Drew from Standard Chartered highlighted their commitment: "When we launched the Guide for Adaptation and Resilience Finance, we set out to provide clarity needed across the market... Today, we’re putting the Guide into action ourselves through our first labelled deal with a corporate client."
This marks Standard Chartered's second labelled adaptation finance deal after completing one with an insurance client in 2023.