Standard Chartered has announced a significant milestone in its sustainable finance initiatives, reporting a substantial 36% increase in income from this sector in 2024, reaching $982m.
According to ESG Today, the bank’s 2024 annual report highlights this achievement and notes the bank is on track to hit its target of $1bn in annual income from sustainable finance by 2025.
The report reveals significant growth across various sectors, with sustainable finance lending and financing solutions surging to $507m, up from $386m in the previous year. Transaction services related to sustainable finance also saw a remarkable increase, rising 58% to $319m, bolstered by an 82% jump in payments and liquidity-based services. This growth underscores Standard Chartered’s commitment to funding the transition towards a low carbon economy, leveraging new technologies and the expanding renewable energy sector.
Marisa Drew, Chief Sustainability Officer at Standard Chartered, emphasized the bank’s strategic position, saying, “The opportunity to finance the transition to a low carbon economy is more compelling and crucial than ever… The scope for further sustainable finance growth is significant as new technologies come online and as renewable capacity growth continues to outpace that of fossil fuels.”
Additionally, Standard Chartered has made significant strides towards its broader climate goals. The bank aims to mobilize $300bn in sustainable finance by 2030 and has already reached $121bn as of the end of 2024. It also introduced its inaugural transition plan, detailing strategies to achieve its net zero financed emissions target by 2050. Notably, the bank set a new target to reduce emissions from capital markets activities in the oil and gas sector by 26.9% by 2030.
In contrast to its peers, some of whom are reevaluating their climate commitments, Standard Chartered is advancing its environmental objectives. This commitment was further echoed by CEO Bill Winters during an analyst call. Winters highlighted the bank’s dedication to supporting clients in their transition to net zero, stating, “Why are we so successful in the space? Because we focused on it, because our clients need us… Our clients are transitioning to net zero. That’s unabated despite some of the challenges.”
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