Standard Chartered Approaches $1 Billion Milestone in Sustainable Finance Initiatives

Standard Chartered Approaches $1 Billion Milestone in Sustainable Finance Initiatives

Standard Chartered has achieved a remarkable milestone in its sustainable finance initiatives, reporting a significant 36% increase in income from this sector in 2024, totaling $982 million. This achievement is highlighted in the bank’s annual report and indicates its commitment to reaching a target of $1 billion in annual income from sustainable finance by 2025.

Strong Growth in Sustainable Finance Lending

The 2024 report reveals notable growth across various sectors:

  • Sustainable finance lending and financing solutions surged to $507 million, an increase from $386 million in 2023.
  • Transaction services related to sustainable finance rose by 58% to $319 million, driven by an 82% jump in payments and liquidity-based services.

This growth reinforces Standard Chartered’s commitment to facilitating the transition to a low-carbon economy by leveraging innovative technologies and expanding its renewable energy sector involvement.

Leadership Insights on Sustainable Finance

Marisa Drew, Chief Sustainability Officer at Standard Chartered, emphasized the bank’s strategic position, stating, “The opportunity to finance the transition to a low carbon economy is more compelling and crucial than ever. The potential for further sustainable finance growth is significant as new technologies emerge and renewable capacity continues to grow faster than fossil fuels.”

Ambitious Climate Goals

In addition to its impressive financial figures, Standard Chartered is making substantial progress toward its long-term climate objectives:

  • The bank aims to mobilize $300 billion in sustainable finance by 2030, having already achieved $121 billion by the end of 2024.
  • It has introduced its first transition plan, which outlines strategies to achieve net zero financed emissions by 2050.
  • Standard Chartered has set a target to reduce emissions from capital markets activities in the oil and gas sector by 26.9% by 2030.
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Commitment Amidst Industry Changes

While some financial institutions are reassessing their climate commitments, Standard Chartered is steadfastly advancing its environmental objectives. CEO Bill Winters reiterated this dedication during an analyst call, stating, “Why are we so successful in this space? Because we focused on it, because our clients need us… Our clients are transitioning to net zero, and that remains unchanged despite challenges.”

For more insights into sustainable finance and corporate responsibility, you can visit Standard Chartered’s official website or check out ESG Today for the latest news and updates.

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