London. Standard Chartered today announced it has launched sustainable deposits in Hong Kong and New York, adding to those available in London and Singapore. It will also soon make the product available through its Private Bank.
In May, the Bank was the first to launch a sustainable deposit – a product that helps finance activities that support the United Nation’s Sustainable Development Goals (SDGs) in developing countries across Asia, Africa and the Middle East. These include tackling climate change, helping financial inclusion, and lack of access to health and education.
While 90 per cent of the SDG financing needs are covered in developed countries, only 60 per cent of the investment needs are addressed in emerging and developing regions, and as low as 10 per cent in Africa. This is an area where Standard Chartered can help bridge the funding gap.
In 2016 Standard Chartered committed to financing and facilitating USD4bn of clean technology by 2020 and sustainability is core to the Bank’s refreshed strategic priorities.
Daniel Hanna, Global Head, Sustainable Finance, Standard Chartered, said: “Sustainability has swiftly moved from being a good to have, to a theme where clients expect it to be central to a bank’s activities and products. Our sustainable deposit gives our clients the opportunity to put their money with Standard Chartered and support mobilising funding for sustainable development where it is needed most; allowing them to receive a return whilst also supporting the financing of clean energy, financial inclusion and economic growth.”
The deposit is available to corporate and institutional clients in the UK, US and Hong Kong, to corporate and retail clients in Singapore, and shortly to high-net-worth clients through the Private Bank.
The sustainable deposit is launched under the Standard Chartered Bank’s new Green and Sustainable Product Framework. Developed in collaboration with Sustainalytics, the leading provider of ESG and corporate governance research, this framework sets the basis for future sustainable products to help fund the SDGs across the Bank’s footprint markets, especially in developing countries.
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