standard chartered sustainability strategy

Prior to joining Google, Kerry served at the UN, managing climate change and energy initiatives in the Secretary-Generals Office, leading the Paris Agreement cities and municipal finance strategies with Climate Special-Envoy Michael Bloombergs office, and developing country strategies for the Paris Agreement with UNFCCC and the French government. 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. But the data suggests that some companies are creating real strategic advantage by adopting sustainability measures their competitors cant easily match. London-based lender Standard Chartered Bank has appointed Marisa Drew from Credit Suisse as chief sustainability officer. This is especially important for a bank with a footprint as broad and diverse as ours.. With more than 1,200+ branches and outlets across more than 70 countries, the bank is the largest in terms of worldwide foothold. "Financial Commitments to Sustainability Made by Standard Chartered Bank Worldwide as of 2019, by Commitment (in Billion U.S. We are the global organization for the accountancy profession, comprising 180 member and associate organizations in 135 jurisdictions, representing more than 3 million professional accountants. We support the development, adoption, and implementation of high-quality international standards. 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. As a part of the strategic partnership, the bank and Microsoft will explore sustainable finance and business initiatives to expand sustainability across the industry. International Federation of Accountants This is a challenge for the industry, to create a common definition and understanding of what transition financing is, he says. How do we create conditions for a just transition where we are helping people get access to power, where we are lifting living standards?. In, Standard Chartered. Presentation by Simon Connell, Global Head of Sustainability Strategy & Subhradeep Mohanty, Regional CFO, Africa & Middle East | November 15, 2021. The bank's heavy weighting towards emerging markets will ensure that Drew has a constant supply of difficult decisions to make as the bank. Thank you for subscribing to Capital Monitor. The speed and scale of continuous innovation offered by Azure allows us to innovate with the latest AI services to meet evolving client needs. Your support helps keep our journalism independent and our content free for everyone to read. Microsoft (Nasdaq MSFT @microsoft) enables digital transformation for the era of an intelligent cloud and an intelligent edge. Weve certainly seen the growth of ESG-focused funds, but they wont necessarily be able to buy transition finance, so we need to see a growth of transition capital sources, says Hanna. Bank chief sustainability officers are paid the most, NGO executives the least. To leave a comment below, login or register with IFAC.org, Professional Accountants as Business Leaders and Value Partners | IFAC Content Series, Global Priorities for Professional Accountants in Business and the Public Sector, Achieving Net Zero C02 Emissions at Reliance Industries, The Role of Accountants in Mainstreaming Sustainability in Business. Catalyzing and stewarding the organization, Owning operational delivery of requirements. The UK-headquartered bank has made some headway. Drew movesto her new role after more than18 years with the Zurich-headquartered investment bank, whereshe was chief sustainability officer and global head ofsustainability strategy, advisory and finance. ESG Select will aid clients in managing the negative impact of ESG risks and spot opportunities to drive positive impact. GRI 1: Foundation 2021 was used as the basis of preparation. You may not reproduce, store, transmit in any form or by any means, with the exception of non-commercial use (e.g., professional and personal reference and research work), translate, modify or create derivative works or adaptations based on such publications, or any part thereof, without the prior written permission of IFAC. It is also at the forefront of green financial product innovation, together with HSBC structuring the first sustainability-linked transition Islamic bond for Etihad Airlines in October last year, and in March launching a new sustainable trade finance proposition. Global awareness of environmental and social trends to examine and detect trends at industry / regional level. Web links, telephone numbers and titles were correct at time of publication, but may have changed. Show publisher information Standard chartered bank is a British financial service and multinational banking company and its headquarter is located in London. We embed our values and philosophy into our working practices. Sustainable investing is at a tipping point, Net zero by 2050: Companies to ditch suppliers endangering transition plans, Net-zero by 2050: Half of companies not transitioning fast enough, Meet the 14-year-old girl tackling the male-dominated world of tech, Six sustainability trends to watch in 2021, Third Party Risk Management for Non-Vendors. Issued under the "Sustainable Goods" pillar of the Bank's Sustainable Trade Framework, the transaction helps advance ADM's widening efforts to expand sustainable farming practices and source sustainably produced goods. IFACs Professional Accountants in Business (PAIB) Advisory Group has been exploring the role of the CFO in enabling sustainability priorities in an organization. Standard Chartered has announced ambitious targets to reach net-zero carbon emissions from its financed activity by 2050, including interim 2030 targets for the most carbon-intensive sectors. 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. As a part of the strategic partnership, the bank and Microsoft will explore sustainable finance and business initiatives to expand sustainability across the industry. Develop robust governance structures to support Sustainable Finance business alignment with relevant frameworks. Standard Chartered has reported in accordance with the GRI Standards for the period 1 January 2021 to 31 December 2021. Kerry brings to the bank over two decades of experience in the sustainability field. 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. for developing and delivering the Group's broader sustainability strategy. It is a core priority within the banks corporate strategy, influencing how it makes decisions, identifies opportunities, and manages risks across its: By integrating sustainability across the organization, the bank aims to ensure a common understanding of its objectives and how they are trying to measure outcomes, so that collectively, the bank can deliver sustainable prosperity and uphold its brand promise to be here for good.. Analysing the impact of sustainable capital. 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. Some sustainability activities are simply becoming best practice and so are a necessity. One of the things that would help would be to have a transition taxonomy.. StanChart was also called out in January for labellinga bond for a company building a coal terminal in India sustainable and for backing a credit facility for Saudi Aramco, the worlds largest oil company. Constabile joins from Google, where she led the company's sustainability strategy and company-wide climate plans. We havent put the architecture in place. 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. To help you and your colleagues access our proprietary content, please contact us at [emailprotected], or +(852) 2122 5222. While it does not yet have in place a clear strategy to manage and ultimately reduce the emissions linked to its financing, the bank is working to integrate temperature alignment with client transition scores to carve out a clear pathway to net zero. Another issue for the bank and a part explanation for corporate inaction is that many of the economies in which it operates have not yet adopted net-zero commitments or have policy frameworks in place to support the transition. . 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. 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. Join our community here. Standard Chartered will adopt Microsoft Azure as a preferred cloud platform to meet the banks need for resilient data centers and cloud services and addressing customers security, privacy and compliance requirements across the banks global footprint. Research by Standard Chartered found that environmental, social and governance (ESG) obligations are top of mind for corporates as the post-pandemic business recovery gets underway. StanCharts sustainability commitments include working on a taskforce to set standards for global carbon markets, which is chaired by Bill Winters, StanCharts chief executive. Standard Chartered brings a new set of challenges. I am thrilled to join this critical work.. The Bank has also announced plans to mobilise USD300 billion in green and transition finance by 2030. To see the bank's full commitments to sustainability see their sustainability report. Standard Chartered has a bank-wide scorecard, that spans their three sustainability pillars and sets out their sustainability aspirationswith targets and timelines aligned to their business strategy and the UN Sustainable Development Goals (SDGs). 529 5th Avenue The banks unique global footprint put Standard Chartered in a ground-breaking leadership position to accelerate the net zero transition at the speed and scale the world needs. <br><br>Working with all levels of management, including senior stakeholders and industry bodies, Elisabeth has delivered more than . We promote economic inclusion in our markets, delivering community programmes aimed at tackling inequality. If we are measuring climate impact, which is what we are really trying to do, this is the single-figure number. Simon Connell, Standard Chartered, The use of warming-potential metrics is a more helpful and more intuitive measure, says Connell. It launched a campaign calling for the bank to stop financing fossil fuel companies immediately. And, importantly, what are the implications for corporate performance accounting for the industry-level trends in terms of overall convergence on sustainability practices? //

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