We’ve created a new Sustainable Finance team
London. Standard Chartered PLC “The Group” has announced plans to increase its push into emerging market focussed sustainable financing with the creation of a new Sustainable Finance banking team to lead all its business activities in the area. The team will create a Bank-wide Sustainable Finance strategy and develop new products and solutions, further incorporate environmental, social and governance considerations into banking decisions, and identify sustainable finance opportunities for clients.
Daniel Hanna, Head of Public Sector and Development Organisations, will lead the Sustainable Finance team, which will be operational by 1 January 2019, alongside his current responsibilities.
The Group’s expansion in the area comes as it sees the demand from clients for sustainable finance grow rapidly.
“Following extensive consultation with many of our largest investor, insurance, public sector and development organisation clients, we’ve identified a gap in the provision of emerging market focused sustainable finance products and assets,” said Simon Cooper, CEO, Corporate, Commercial and Institutional Banking.
“Last year we made a commitment to contribute to sustainable economic growth in the markets we are present. This included reaching our own target of providing USD1billion in financing microfinance institutions two-years early – helping 2.5 million people access loans – making significant progress to fund and facilitate USD4bn toward the clean technology sector between 2016-2020, and seeing strong growth in blended finance, where we are now the second largest commercial player in the world. These actions provide a much-needed benefit for the communities we operate in by creating products that not only do good, but inherently help people.”
Standard Chartered is already a leader in providing sustainable finance to emerging market countries, mobilising over USD5bn of blended finance for Public Sector and Development Organisation clients, raising more than USD10bn in green bonds over the last two-years and actively advising regulators on matters relating to sustainable finance and green bond guidelines.
The Sustainable Finance team will increase the Group’s focus on impact investing and renewable energy in these regions.
The creation of the team follows the development of the Group’s sustainability philosophy and its recent announcement to cease any new coal fired financing. The Group is also looking what role it can play with its clients in promoting greater disclosure on emissions and has set new science-based emissions targets in August 2018.
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For further information please contact:
Shaun Gamble
Executive Director, Group Media Relations
Tel: +44 20 7885 5934
Email: shaun.gamble@sc.com