Frankfurt. 30 June 2020: Standard Chartered AG has signed a voluntary commitment to align its credit or investment portfolios with the objectives of the Paris Climate Change Convention.
Together with a number of other companies in the German Financial Service sector, Standard Chartered has agreed that through the publication and target setting for the reduction of emissions associated with the credit and investment portfolios, it aims to make a contribution to climate protection and support the sustainable and future-oriented development of the economy.
By the end of 2022 each signatory will develop and introduce mutually accepted methods for measuring the climate impact of its credit and investment portfolios and then manage these in line with national and international climate targets. As an industry, the signatories intend to support each other in collecting the necessary emissions data and in developing methods of measurement and approaches to managing banking business in line with the targets. To meet the joint responsibility and that of each individual actor, each signatory undertakes to report annually (e.g. within its existing reporting formats) on its individual progress regarding implementation.
Further information on today’s announcement and the commitment can be found here.
Heinz Hilger, CEO, Standard Chartered Germany said: “Achieving the Paris Agreement requires ambitious, collective effort globally but also locally. Thus, we are pleased to sign the self-commitment of German financial market players. In 2018, Standard Chartered made a commitment to “measure, manage and ultimately reduce” the emissions related to our financing of clients, in alignment with the Paris Agreement. As a group we are supporting our clients transition to a low-carbon future by increasing our target for financing and facilitating of clean technology and renewables to $35 billion by 2025. Our focus is on emerging markets as they will be the most affected by climate change but also have the greatest opportunity to leapfrog to new low-carbon technology”