Standard Chartered to deliver US$75bn drive for SDGs
British multinational bank Standard Chartered has announced that it has set targets amounting to US$75bn regarding the UN’s Sustainable Development Goals (SDGs).
With a view to assisting clients with the transition to low-carbon operations in line with the bank’s wider sustainability goals, Standard Chartered has drawn up to two key goals to be realised by the close of 2024.
First, it will deliver $40bn in financial services for infrastructure pertaining to sustainability initiatives. Second, it will provide $35bn in project financing services, merger and acquisitions advisory, and debt structuring service for wind and solar-based projects and tech programmes.
In addition, Standard Chartered has committed to net zero carbon emissions by 2030 across its global operations.
The bank’s aims appear two-fold: to support the realisation of the SDGs, but also to capitalise on the business opportunities that such aims represent. Heavyweights such as Standard Chartered championing the value of sustainability-focused business practices and technologies will be a welcome addition to the drive for minimising global heating to 1.5 degrees centigrade.
“Over the past 18 months, we have made a series of commitments which are all geared towards supporting the Paris Agreement on climate change and the transition to a cleaner, greener, fairer economy,” said Tracey McDermott, Group Head of Corporate Affairs, Brand and Marketing at Standard Chartered.
“We know that the investment required cannot be provided by governments and NGOs alone, so it is critical that investors embrace the Sustainable Development Goals at pace and scale.
“Our unique footprint means we are well placed to help get finance to where it matters most. That is why, as well as ceasing support for clients who generate more than 10% of earnings from thermal coal by 2030, we also have a renewed target for financing and facilitating $35bn of clean technology and renewables, and $40bn of sustainable infrastructure.”