Standard Chartered expands sustainable finance solutions
Standard Chartered (“Bank”)Today’s launch of the Sustainable Account was announced. This product is similar to a Demand deposit account and allows large corporations to make a contribution to sustainable development while still having daily access to their funds for intraday liquidity management. Deposits in Sustainable Accounts are used to fund sustainable projects based on the Bank’s Green and Sustainable Product Framework, which is aligned with the United Nations Sustainable Development Goals (SDGs). The surplus cash will be used in tackling some of the world’s most significant long-term threats, including climate change, quality education, clean energy, and financial exclusion. “Financial institutions are in a unique position to play a role in social and economic prosperity by facilitating how clients can contribute to sustainable development,” George Lee, Head Transaction Banking at Standard Chartered Americas. “Our Sustainable Deposit platform allows clients to meet their liquidity needs and their sustainability goals in a flexible and transparent manner where funds will be referenced against sustainable loans and projects.” The Bank’s Sustainable Account offering is part of its suite of sustainable solutions ranging from Sustainable Trade Finance solutions, Bonds and sustainable advisory services. In 2019, Sustainable Deposits were launched as fixed-term deposits. Southwire, one of the first to tap this option, broke the $2 billion mark in May 2020.