StanChart onto $75b project financing for SDGs
Standard Chartered yesterday committed project financing worth $75 billion by 2024 for Sustainable Development Goals.
Of it, $40 billion will go towards infrastructure projects promoting sustainable development.
The remaining is for merger and acquisition advisory and debt structuring services for renewables and clean tech projects such as those centring solar and wind.
In a statement yesterday the bank also committed to "net zero" carbon emissions from its operations by 2030 by only sourcing energy from renewable sources and continuing to pursue energy efficiency measures.
The bank has offices in "60 countries, including many large emerging markets".
Tracey McDermott, group head of corporate affairs, brand and marketing, said, "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."
"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," he added.
Judy Hsu, regional CEO for Standard Chartered Bank in Asean and South Asia, said "The United Nations estimates that emerging markets face a $2.5 trillion annual investment gap in meeting the SDGs."
"This is a big challenge and a significant opportunity for banks and the private sector to step up."
"By tapping on our global network and local capabilities, we hope to catalyse SDG financing and provide sustainable finance to areas where it matters the most."