An article on ThisDay stated that Standard Chartered Bank has unveiled a new sustainability framework. According to a statement, the Sustainability Philosophy sets out how the bank integrates sustainability into its organisational decision-making and how it would work with its clients, suppliers, non-governmental organisations (NGOs) and governments in its markets, stating that it explains “how the bank addresses the balance between supporting business and economic growth, and protecting the environment.”
“Over the coming weeks and months, the bank will be publishing new criteria and standards which will outline clearly the type of business it will and will not do, starting with coal.
“Additionally, for the first time the bank has made public the Prohibited Activities List, which details those activities it will not support,” it stated.
Commenting on the new framework, the bank’s Group Head Corporate Affairs, Brand & Marketing, Tracey McDermott, was quoted to have said: “We believe we have a key role to play in promoting sustainable economic growth in the communities and markets we serve. We aim to be a force for good – taking a long-term view and working with our clients to improve their sustainability performance and so help to drive up standards across our markets.”