Standard Chartered commits $75 billion toward SDGs

Standard Chartered has an office footprint spanning more than 60 countries

By the end of 2024, the bank commits to providing $75 billion in Sustainable Development Goal (SDG) project financing. $40 billion of this is set for infrastructure that promotes sustainable development, and $35 billion for renewables and clean technology projects.

The bank also commits to net-zero carbon emissions from its operations by 2030.

Standard Chartered will achieve net-zero emissions by only taking energy from renewable sources and continuing to pursue energy efficiency measures across its 12 million square feetof property.

According to Tracey McDermott, group head of Corporate Affairs, Brand and Marketing, in the past 18 months, the bank has 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.

“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. That is why we also have a renewed target for financing and facilitating $35 billion of clean technology and renewables, and $40 billion of sustainable infrastructure,” McDermott noted.

Nirukt Sapru, CEO Vietnam and ASEAN and South Asia Cluster Markets, Standard Chartered Bank, said, “While Vietnam is making good progress in the implementation of SDGs, significant investments are needed. We estimate that the country requires $111.1 billion investment in SDGs by 2030, of which the private sector can contribute $45.8 billion. Leveraging our global capabilities and local insights, we will continue to act as a catalyst for the acceleration of SDGs in the country through the provision of meaningful sustainable finance.”

Standard Chartered has a broad 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 (China), and New York; plus, a €500 million ($542 million) 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.