London. Standard Chartered PLC “the Group” has today announced the launch of its refreshed public position statements, which cover new and tightened requirements the Group has in order to undertake business in industries with high potential environmental or social impact.
The refreshed position statements form part of a wider goal to increase support and funding for sustainable financing. As part of its Sustainability Aspirations, the Group committed to finance and facilitate $4 billion toward clean technology by 2020, and is more than halfway to meeting that goal.
The Group strives to minimise damage to the environment and encourage positive social change as a result of its financing. Working with the 2 degrees Investing Initiative (‘2oII’), and peer banks, the Group is developing a methodology to measure, manage and ultimately reduce the emissions related to its activities and the financing of its clients.
The new requirements announced today include:
- not financing new plantations or livestock ranches which convert or degrade High Carbon Stock forests, peatlands or designated legally protected areas
- not financing operations that grow, process or trade soy from the Brazilian Amazon and Cerrado
- not financing asbestos mines and mines that conduct Appalachian mountaintop removal
- not providing financial services to clients who conduct testing on animals for cosmetic or personal care products
- only providing financial services to agri-business clients who use cage-free or crate-free production systems for livestock
- only providing financial services to shipping clients that have an Inventory of Hazardous Materials (“IHM”) for new vessels
Each individual position statement was refreshed after consultation with a range of clients and NGOs, and will ensure the Group can balance supporting our clients in undertaking their business activities and supporting economic growth.
The refreshed position statements announced today are effective from March 2019 and cover:
- Extractive Industries: Oil & Gas, Metals & Mining
- Power Generation: Nuclear Power, Renewable Energy
- Agro-Industries: Agribusiness, Tobacco, Fisheries, Forestry, Palm Oil
- Infrastructure & Transport
- Chemicals & Manufacturing
The Group recently announced its new position statement on fossil fuel power, which states it will cease providing financing for new coal-fired power plants anywhere in the world, save where there is an existing commitment. In 2017 it also refreshed its statement on financing Palm Oil.
The Group also published a list of sectors and business it will not support under any circumstances, which includes restrictions involving child and forced labour, trade in endangered wildlife, Arctic and tar-sands exploration and production and conversion or degradation of high-value forests and peatlands, among other activities.
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For further information please contact:
Head of Communications
Risk, Compliance and Corporate Affairs, Brand & Marketing
Tel: +44 20 7885 7598
Executive Director, Group Media Relations
Tel: +44 20 7885 5934