StanChart commits $75b towards SDGs

Business Desk | Published: 23:10, Feb 23,2020

 
 

Standard Chartered on Sunday announced that it committed $75 billion worth of project financing services towards Sustainable Development Goals, said a press release.

The bank committed to the new business targets to support its clients as they transition to a low carbon economy as part of its sustainability aspirations, it said.

By the end of 2024, the bank commits to provide $40 billion worth of project financing services for infrastructure that promotes sustainable development and $35 billion 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 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.

The bank’s group head of corporate affairs (brand and marketing) Tracey McDermott said: ‘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.’

Standard Chartered Bank regional CEO in ASEAN and South Asia Judy Hsu said: ‘The United Nations estimates that emerging markets face a $2.5 trillion annual investment gap in meeting the SDGs.’

‘The ASEAN and South Asia region is home to some of the world’s fastest-growing economies, though we also face some of the world’s most pressing environmental and social issues. Our ability to solve for the issues here will have tremendous impact on our 2030 ambition to meet global SDGs,’ Hsu said.

In October 2018, Standard Chartered created the Sustainable Finance team and has since launched sustainable deposit products in London, Singapore, Hong Kong and New York in addition to a 500-millioneuro 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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