London. Standard Chartered today announced a new four-year partnership with Imperial College London on climate change risk management. The risks arising from climate change are fast evolving into mainstream financial risks. However, translating climate science into estimations of potential losses (and gains) remains inherently difficult. The partnership aims to uncover solutions that will help embed climate risk identification and management into financial decisions, and to unlock solutions to practical questions such as how local policy actions will affect business models, and how clients build resilience to increasing physical risks, such as flooding and sea level rise.
Mark Smith, Chief Risk Officer, Standard Chartered, said: “Climate change is redefining the way we do business and manage risk. The better we can quantify the risks, the higher are our chances for developing effective responses as a society. We are excited to be partnering with Imperial College to create industry leading solutions for climate risk management and, consequently, support emerging markets.”
Imperial will also provide education and training, at boardroom level and throughout Standard Chartered, via its digital learning, raising awareness of climate change and climate risk.
Dr. Charles Donovan, Executive Director of the Centre for Climate Finance and Investment at Imperial College Business School, said: “We are very pleased to be working with Standard Chartered, one of world’s largest emerging markets banks and a demonstrated leader on the issue of sustainability. This partnership will enable an important expansion of Imperial’s efforts to help define a way forward for major financial institutions and corporations on climate risk management. Standard Chartered’s support is a testament to not only the bank’s commitment in this area, but also the pace and scale of the challenges ahead.”
The partnership comes as part of our wider commitment to take action on climate change and accelerate the provision of sustainable finance. Standard Chartered is the first emerging markets focused bank to confirm it will only support clients who actively transition their business to generate less than 10% of earnings from thermal coal by 2030.
About the Centre for Climate Finance & Investment at Imperial College Business School
The Centre for Climate Finance & Investment undertakes cutting-edge research on how capital markets are responding to global climate change. Building on Imperial College London’s international reputation for multi-disciplinary analysis, the Centre is helping investors and policymakers overcome the lack of clarity about risk and return in clean energy, low-carbon technologies, and green infrastructure. Our mission is to help shape an intelligent global energy transformation through the fusion of business, technology and an entrepreneurial mindset.
Find out more at: imperial.ac.uk/business-school/climate-investing
About Imperial College London
Imperial College London is one of the world’s leading universities. The College’s 16,000 students and 8,000 staff are expanding the frontiers of knowledge in science, medicine, engineering and business, and translating their discoveries into benefits for society.
Founded in 1907, Imperial builds on a distinguished past – having pioneered penicillin, holography and fibre optics – to shape the future. Imperial researchers work across disciplines to improve health and wellbeing, understand the natural world, engineer novel solutions and lead the data revolution. This blend of academic excellence and its real-world application feeds into Imperial’s exceptional learning environment, where students participate in research to push the limits of their degrees.
Imperial collaborates widely to achieve greater impact. It works with the NHS to improve healthcare in west London, is a leading partner in research and education within the European Union, and is the UK’s number one research collaborator with China.
Imperial has nine London campuses, including its White City Campus: a research and innovation centre that is in its initial stages of development in west London. At White City, researchers, businesses and higher education partners will co-locate to create value from ideas on a global scale.
For further information please contact:
Executive Director, Group Media Relations
Standard Chartered Bank
Tel: +44 20 7885 5934