Standard Chartered has announced business targets for supporting its clients as they transition to a low-carbon economy as part of the bank’s sustainability aspirations. By the end of 2024, the bank commits to:
- Providing US$40bn of project financing services for infrastructure that promotes sustainable development.
- Providing US$35bn of project financing services, M&A advisory and debt structuring services for renewables and clean-tech projects (solar and wind).
Underpinning the aspirations, Standard Chartered also intends to reduce its emissions across its global properties by 2030. With an office footprint spanning 60 countries, including many large emerging markets, the bank says it will achieve net zero emissions by only sourcing energy from renewable sources and continuing to pursue energy efficiency measures across its 12 million square feet of property.
“Over the past 18 months, we have made a series of commitments which are all geared towards supporting the Paris Agreement on climate change and the transition to a cleaner, greener, fairer economy,” said Tracey McDermott, group head, Corporate Affairs, Brand & Marketing at Standard Chartered. “We know that the investment required cannot be provided by governments and NGOs alone, so it is critical that investors embrace the sustainable development goals at pace and scale.”
“Our unique footprint means we are well placed to help get finance to where it matters most,” McDermott continued. “That is why, as well as ceasing support for clients who generate more than 10% of earnings from thermal coal by 2030, we also have a renewed target for financing and facilitating US$35bn of clean technology and renewables, and US$40bn of sustainable infrastructure.”
Standard Chartered has a range of sustainable finance product offerings that can be deployed to help clients pivot their business towards a more sustainable model. In October 2018, it created the Sustainable Finance team and has since launched sustainable deposit products in London, Singapore, Hong Kong and New York; plus, a €500m Sustainability Bond, the proceeds of which will be used to provide finance in areas aligned with the sustainable development goals - including clean energy projects, smaller business lending and microfinance loans.
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