Standard Chartered said it is providing $40 billion of project financing services for infrastructure that promotes sustainable development and $35 billion of project financing services, M&A advisory and debt restructuring services for renewables and clear technology projects, mainly solar and wind. The projects are envisaged to help its clients transition to a low carbon economy as part of its sustainability aspirations. The bank intends to complete these projects by end 2024.The bank said it also intends to reduce its emissions across its global properties by 2030. The bank operates in 60 countries, and it targets to achieve net zero emissions by only sourcing energy from renewable sources and continuing to pursue energy efficiency measures across its 12 million square feet of property. Tracey McDermott, group head, Corporate Affairs, Brand & Marketing at the bank, said the bank’s unique footprint means it is 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, it has also set a renewed target for financing and facilitating $35 billion of clean technology and renewables and $40 billion of sustainable infrastructure, she added.
