Standard Chartered on Tuesday said it will provide $75 billion in financing by 2024 toward sustainable development and clean energy projects, as it expands on its aspirations to support the Paris Agreement on climate change.
The bank said it is also targeting net zero emissions from its own network of branches and offices by 2030.
The move comes amid a broader shift among financial firms worldwide to tackle their role in funding fossil fuel projects, as public concern grows about the climate crisis.
Tracey McDermott, Group Head, Corporate Affairs, Brand & Marketing, commented: “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. 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, 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 USD35 billion of clean technology and renewables, and USD40 billion of sustainable infrastructure.” 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 and New York; plus, a EUR500 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.