standard chartered sustainability strategy

Note to editors: For more information, news and perspectives from Microsoft, please visit the Microsoft News Center athttp://news.microsoft.com. In light of this, this study attempted to look at strategies that Standard Chartered Bank Kenya Limited has implemented in order to achieve a sustainable competitive advantage. ");b!=Array.prototype&&b!=Object.prototype&&(b[c]=a.value)},h="undefined"!=typeof window&&window===this?this:"undefined"!=typeof global&&null!=global?global:this,k=["String","prototype","repeat"],l=0;lb||1342177279>>=1)c+=c;return a};q!=p&&null!=q&&g(h,n,{configurable:!0,writable:!0,value:q});var t=this;function u(b,c){var a=b.split(". If youre looking for a career with purpose and want to work for a bank making a difference, wed love to hear from you. Its recent Zeronomics report, a survey published by the bank in March, shows 85% of companies require medium or high levels of investment to transition to net zero, rising to 91% of carbon-intensive companies. Standard Chartered argues the transition finance gap is the biggest obstacle to achieving net zero by 2050. Facebook: quarterly number of MAU (monthly active users) worldwide 2008-2022, Quarterly smartphone market share worldwide by vendor 2009-2022, Number of apps available in leading app stores Q3 2022, Profit from additional features with an Employee Account. Constabile joins from Google, where she led the company's sustainability strategy and company-wide climate plans. Daniel Hanna, Standard Chartereds global head of sustainable finance, does not dance around the subject. In a world racing to meet the climate ambitions of the Paris Agreement and ensure an equitable, sustainable future for its citizens, the trade bank has committed $75bn towards the UN Sustainable Development Goals (SDGs) by 2024, all the while working to meet its own operational and financed net zero by 2050 commitment. The Zeronomics report, which covers Standard Chartereds footprint markets though not necessarily its clients, reveals a worrying lack of alignment by corporates and investors with the ambitions of the Paris Agreement. Environmental and climate activists stage a protest in front of a Standard Chartered bank office in Manila in March 2021. To hear a practical perspective on this, the group was joined at its recent meeting by Subhradeep Mohanty, Regional CFO, Africa & Middle East at Standard Chartered Bank, who shared insights on how the CFO and finance function are critical to enabling sustainable finance and incorporating financial and non-financial information into longer-term plans and monitoring and tracking progress against these. Then you can access your favorite statistics via the star in the header. Lead for Sustainability Strategy and Engagement Google 2020 - 20222 years Climate strategy and partnerships lead for several company-wide priorities: net zero strategy development across. This statistic is not included in your account. At Google, Kerry led climate-focused initiatives encompassing net zero, carbon market and removal strategies, and incubated the companys 24/7 Carbon Free Energy Compact. doing well by doing good). Co-innovation in open banking application programming interface (API) and Internet-of-Things-based, real-time payments will also help the bank unlock new banking experiences for clients. GRI 1: Foundation 2021 was used as the basis of preparation. We are committed to promoting economic and social development in our markets. SDG 9, Industry Innovation and Infrastructure, SDG 11, Sustainable Cities and Communities, SDG 12, Responsible Consumption and Production, SDG 16, Peace, Justice and Strong Institutions, 2020 Task Force on Climate-Related Financial Disclosures, An indexing approach to implementing sustainability in fixed-income portfolios, Emerging technologys vital role in scaling climate competency. For Standard Chartereds most senior sustainability bankers, the findings of the report were no surprise and validate the view that bank financing alone will not be enough. . (March 4, 2020). | Microsoft News Center. Recent research suggests that sustainability can be both a necessity and a differentiator. Profit from the additional features of your individual account. While the government has committed to creating 40% of its energy from non-fossil fuels by 2030, transition to renewable energy faces many challenges, from cost to grid stability. We use cookies to ensure that we give you the best experience on our website. In recent years, a growing number of companies around the world have voluntarily adopted and implemented a broad range of sustainability practices. Image: LinkedIn. I am thrilled to join this critical work.. London-based lenderStandard Chartered Bank has appointed Marisa Drew from Credit Suisse as chief sustainability officer. The banks own target-setting shows mixed success. Jointhe ESG Today daily newsletter and get all the top ESG stories, like this one. As such, while most companies intend to transition to net zero by 2050, many have taken no action to get there and most are delaying plans by at least ten years: 71% intend to make the most progress towards net zero between 2030 and 2050. to incorporate the statistic into your presentation at any time. LevelC-LevelSVP / EVPDirector / VPManager / SupervisorMid or Entry LevelFreelance / ContractStudent / InternRetiredOther, FunctionAccounting & FinanceBusiness Development & SalesCustomer SupportFacilitiesHR & TalentInvestingLegalMarketing & CommunicationsOperationsR & DProcurement & ContractingSupply Chain & DistributionSustainabilityStrategyTechnologyOther. In her new role, Drew will oversee Standard Chartered's Sustainable Finance and Sustainability Strategy teams, and drive the bank's net zero commitments. Download our key impact and sustainability reports, including our latest climate change disclosures. All rights reserved. For each industry we identify the set of sustainability practices upon which companies converge over time which we term common practices and those for which they do not which we term strategic. Our exploratory results confirm that the adoption of strategic sustainability practices is significantly and positively associated with both return on capital and market valuation multiples, even after accounting for the focal firms past financial performance. had to change some of their strategies and formulate others that would give them a competitive edge over their rivals in the long run. Currently, you are using a shared account. She advised on initiatives including the Taskforce on Climate-related Financial Disclosures (TCFD), Climate Action 100+, the Global Investors for Sustainable Development (GISD) and the Net Zero Asset Owners Alliance. Are you interested in testing our business solutions? Financing to carbon-intensive sectors will need to rise rather than fall to help companies meet net zero, meaning the fossil fuels financed figure is a poor indicator of the banks climate policy. Knowledge of banking products such as (not limited to) trade finance, transaction management, lending, financial markets, and bank processes and credit risk. She takes onthejob of chairingStanCharts group sustainability forum, running its sustainable finance teams, and leading the banks decarbonisation drive. Recently announced in a press release, Tracy Wong Harris, a financial executive, has joined Standard Chartered, a leading international banking group, as its new Head of Sustainable Finance for GCNA to focus on the Bank's sustainable finance strategy on GCNA. Business Solutions including all features. Selected sustainability aspirations form 10% of the banks group scorecard for 2021, driving accountability and incentives across the bank. With a footprint in 60 markets across Asia, Africa and the Middle East, Standard Chartered is uniquely placed to help some of the worlds most vulnerable nations finance the climate crisis. Help us fulfil our purpose driving commerce and prosperity through our unique diversity, As a leading international bank, we strive to help people and businesses prosper across Asia, Africa and the Middle East, Were committed to sustainable social and economic development across our business, operations and communities including achievement of net zero emissions and the UN Sustainable Development Goals. This is a challenge for the industry, to create a common definition and understanding of what transition financing is, he says. Typically, competitors can easily acquire such systems directly from third parties. Cumulative value of financing as of 2019. //]]>. Standard Chartered appoints sustainability leader Kerry Constabile brings experience from Google and the UN to lead the bank's ESG strategy. Any person accessing this site agrees to the Terms of Use and Privacy Policy. In this spirit, Michael Porter and Mark Kramer explicitly note in their HBR article on shared value that sustainability, like philanthropy, is at the margin of what companies do rather than at the center and therefore these are not practices through which they can achieve economic success. Teng Cheng, Director of Finance, Sustainable Finance, Jaclyn Dove, Managing Director, Head, Strategic Initiatives, Alex Kennedy, Head, Sustainable Finance Solutions, Joanne Khew, Lead, Strategic Partnerships, Asia, Tanya Popeau, Lead, Strategic Partnerships, Europe & Americas. On the other hand, there are those who argue that sustainability can be a strategy that generates a competitive advantage and therefore, results in above-average performance (i.e. Their reporting approach for 2021 focuses on six frameworks, mapping over 1,400 data points from key indices and analysts, and voluntary and regulatory reporting frameworks all culminating in a reporting suite of six publications: Annual report and accounts, modern slavery statement, sustainability summary, task force on climate-related financial disclosure, SASB-alignment index, and UN PRB self-assessment. Tel: +1 (212) 286-9344 ("naturalWidth"in a&&"naturalHeight"in a))return{};for(var d=0;a=c[d];++d){var e=a.getAttribute("data-pagespeed-url-hash");e&&(! The study was guided by the August 5, 2022. International bank and financial services company Standard Chartered announced today that it has appointed Kerry Constabile to lead the companys net zero and sustainability strategy teams. Standard Chartered has reported in accordance with the GRI Standards for the period 1 January 2021 to 31 December 2021. Knowledge of environmental, social and governance themes, issues and topics. Please create an employee account to be able to mark statistics as favorites. Standard Chartered said it will deploy US$300 billion for green and transition financing in the next decade and simultaneously seek to cut the emissions associated with its lending to carbon . Through its sustainability and community investment agenda the Bank has demonstrated its commitment to the community. For example, some companies adopt environmental, or water, or waste management systems to exploit cost efficiencies and thus improve their bottom line. Ioannis Ioannou is an associate professor of strategy and entrepreneurship at London Business School. Companies/ Executive Moves/ Sustainable Finance, Emanuela Kerencheva Drew joins in the same month thatTracy Wong Harris was appointed to lead StanCharts Hong Kong-based Asia sustainable finance team. Use Ask Statista Research Service. With Microsoft 365 Copilot, were giving people more agency and making technology more accessible with advanced AI and the most universal interface: natural language. For more than eight years, Elisabeth has been advising the private and public sector on how to apply practical and commercial strategies to reap the many benefits of having sustainable business practices embedded within Leadership, Purpose and Corporate Culture. Sustainable Development Goals | Standard Chartered Home / Sustainability Our approach to sustainability We're committed to sustainable social and economic development across our business, operations and communities including achievement of net zero emissions and the UN Sustainable Development Goals. StanCharts sustainability commitments include working on a taskforce to set standards for global carbon markets, which is chaired by Bill Winters, StanCharts chief executive. Responsible and sustainable banking is embedded in the groups strategy, right through to employee pay packets. For additional information, please read our website Terms of Use. We are seeking an individual with strategic mindset, enthusiasm, strong project management experience to support the enablement of the Sustainable Finance and Net Zero agenda. The banks logic is not without merit. Ive always admired Standard Chartereds leadership in sustainable finance in emerging markets and its commitment to mobilise US$300 billion by 2030 for green and transition financing. So what explains this apparent contradiction? She joins StanChart as the bank faces scrutiny for undermining its carbon-reduction commitments byfinancing fossil fuels projects, including a natural gas facility in Western Australia. Currently, she serves on Energy Technical Advisory Committee for the Gold Standard, conducts research on economic incentives for net zero and renewable energy transitions with the Oxford Environmental Change Institute, and has contributed to three IPCC reports. Global awareness of environmental and social trends to examine and detect trends at industry / regional level. In the context of the fast-moving sustainability reporting space, characterized by various voluntary initiatives and no alignment around one global approach, Standard Chartered strives to both understand and inform market practice, with the ultimate aim to produce comparable and standardized information that enables decision making by investors and other stakeholders. Demonstrating this in practice, Subhradeep also invited his colleague, Simon Connell, Global Head of Sustainability Strategy to first share insights into how Standard Chartered is integrating sustainability across the bank. Its recent Zeronomics report, a survey published by the bank in March, shows 85% of companies require medium or high levels of investment to transition to net zero, rising to 91% of carbon-intensive companies. Dollars). for developing and delivering the Group's broader sustainability strategy. Show sources information Overview and forecasts on trending topics, Industry and market insights and forecasts, Key figures and rankings about companies and products, Consumer and brand insights and preferences in various industries, Detailed information about political and social topics, All key figures about countries and regions, Market forecast and expert KPIs for 600+ segments in 150+ countries, Insights on consumer attitudes and behavior worldwide, Business information on 70m+ public and private companies, Detailed information for 35,000+ online stores and marketplaces. statistic alerts) please log in with your personal account. The partnership will also advance the banks digital workplace transformation with Microsoft 365 and Microsoft Teams providing modern productivity and collaboration tools to Standard Chartereds 84,000 employees across its 60 markets. ESG Select will aid clients in managing the negative impact of ESG risks and spot opportunities to drive positive impact. If we are measuring climate impact, which is what we are really trying to do, this is the single-figure number.. Before joining Credit Suisse, Drew worked for Merrill Lynch and Kidder Peabody. Standard Chartered brings a new set of challenges. An international authority in corporate and public sector reporting is to lead the Global Sustainability Standards Board (GSSB), the independent body that sets the GRI Standards. NEW YORK--(BUSINESS WIRE)--Standard Chartered ("Bank") today announced the launch of its Sustainable Account.This new product, with the characteristics of a Demand Deposit Account, provides . ", Standard Chartered, Financial commitments to sustainability made by Standard Chartered bank worldwide as of 2019, by commitment (in billion U.S. dollars) Statista, https://www.statista.com/statistics/1089376/financial-commitments-made-by-standard-chartered-towards-sustainability/ (last visited March 18, 2023), Financial commitments to sustainability made by Standard Chartered bank worldwide as of 2019, by commitment (in billion U.S. dollars) [Graph], Standard Chartered, March 4, 2020. A lot of what we have done so far is the easy stuff. She will report to Marisa Drew, Chief Sustainability Officer. 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