One of my biggest criticisms of sustainable finance and ESG now is the obsession with numbers yet another record green bond but the reality is, the capital is not actually flowing to the tough decisions, says Hanna. creating sustainable investment products for the banks institutional and corporate clients. At Credit Suisse, Drew led thestrategy forcreating sustainable investment products for the banks institutional and corporate clients. 85,000 from 131 different countries, Among the top 100 largest companies listed on the London Stock Exchange. At Google, Kerry led climate-focused initiatives encompassing net zero, carbon market and removal strategies, and incubated the companys 24/7 Carbon Free Energy Compact. Contact permissions@ifac.org for permission to reproduce, store, translate or transmit this document. Carol Adams, who for 30 years has worked in sustainability research and leadership roles and is Professor of Accounting at Durham University Business School, has been confirmed as the next GSSB Chair. Responsible and sustainable banking is embedded in the groups strategy, right through to employee pay packets. Standard Chartered strives to understand the evolving needs of its communities and be an enabler for change. But of the $35bn of project financing for renewable energy, it was on track with $18.4bn in 2020. You need at least a Starter Account to use this feature. The bank will also adopt a cloud-first principle for all new software developments and major enhancements. The civil litigation lawyer will join the companys new secretariat leadership and oversee the day-to-day operations of the association. Registered readers now have the opportunity to read 1 article from our award-winning website for free. Subhradeep emphasized the need for common language and awareness around sustainability across the organization, including ensuring specific responsibilities of the various teams are clearly defined. Were not driving enough capital, Hanna tells Capital Monitor. The insights shared during this presentation helped inform a discussion with the PAIB Advisory Group on how CFO and finance function roles are becoming more strategic, shifting from business partnering to value partnering. London-based lenderStandard Chartered Bank has appointed Marisa Drew from Credit Suisse as chief sustainability officer. Copyright 2022 New Statesman Media Group Ltd. She joins StanChart as the bank faces scrutiny for undermining its carbon-reduction commitments by. Weve made the commitments and thats great, but now we need to work out how were going to do it.. Use Ask Statista Research Service. <br><br>Working with all levels of management, including senior stakeholders and industry bodies, Elisabeth has delivered more than . ESG Select will aid clients in managing the negative impact of ESG risks and spot opportunities to drive positive impact. Through its sustainability and community investment agenda the Bank has demonstrated its commitment to the community. With a footprint in 60 markets across Asia, Africa and the Middle East, Standard Chartered is uniquely placed to help some of the worlds most vulnerable nations finance the climate crisis. SDG 9, Industry Innovation and Infrastructure, SDG 11, Sustainable Cities and Communities, SDG 12, Responsible Consumption and Production, SDG 16, Peace, Justice and Strong Institutions, 2020 Task Force on Climate-Related Financial Disclosures, An indexing approach to implementing sustainability in fixed-income portfolios, Emerging technologys vital role in scaling climate competency. about 3,802 companies to ensure that our analysis is not contaminated by changes in sample composition. How do we create conditions for a just transition where we are helping people get access to power, where we are lifting living standards?. Bill Borden, Corporate Vice President of Worldwide Financial Services at Microsoft, said, Cloud computing is an enabler for financial institutions to modernize their infrastructure and systems, to gain the agility they need to respond to competitive pressures, regulatory environments and customer demand. On Friday, London-headquartered Standard Chartered bank announced the appointment of Kerry Constabile to lead its net zero and sustainability strategy teams. In light of this, this study attempted to look at strategies that Standard Chartered Bank Kenya Limited has implemented in order to achieve a sustainable competitive advantage. For more information on Board engagement with stakeholders, including on . As a leading financial institution, we promote sustainable finance in our markets. New research confirms that ESG can create competitive advantage. Is the adoption of sustainability practices a form of strategic differentiation that can lead to superior financial performance? Its mission is to empower every person and every organization on the planet to achieve more. Around the world, women past and present have madeand continue to makecritical contributions to drive technology, innovation, and our society forward. Receive our newsletter - data, insights and analysis delivered to you, ESG data, insights and analysis delivered to you, Select and enter your corporate email address. As a globally-respected sustainability industry professional with extraordinary expertise across the public and private sectors, Kerry is uniquely positioned to help us achieve our sustainability aspirations. She advised on initiatives including the Taskforce on Climate-related Financial Disclosures (TCFD), Climate Action 100+, the Global Investors for Sustainable Development (GISD) and the Net Zero Asset Owners Alliance. Yet, by adopting common practices (i.e. Typically, competitors can easily acquire such systems directly from third parties. Were very much framing it as a consultation and engagement exercise.. She joins StanChart as the bank faces scrutiny for undermining its carbon-reduction commitments byfinancing fossil fuels projects, including a natural gas facility in Western Australia. Almost two-thirds of the 250 companies Standard Chartered interviewed do not see net zero as a commercially viable position. Global awareness of environmental and social trends to examine and detect trends at industry / regional level. As of 2030, Standard Chartered will no longer provide financing to clients that have more than 5% direct revenue from thermal coal, mining, power generation and trading. Drive automation and digitisation across SF, CCIB and the Group, enabling the business to operate effectively and efficiently in delivering the Bank's sustainability agenda and NZ commitments. Drew joins in the same month thatTracy Wong Harris was appointed to lead StanCharts Hong Kong-based Asia sustainable finance team. statistic alerts) please log in with your personal account. Dollars). You only have access to basic statistics. In this new role, located in Hong Kong, she will achieve this by developing new . To help you and your colleagues access our proprietary content, please contact us at [emailprotected], or +(852) 2122 5222. We speak out as the voice of the global accounting profession. 11 years of her experience was spent working To obtain unlimited access to our award-winning exclusive news and analysis, we offer subscription packages, including single user, team subscription (2-5 users), or office-wide licences. KARACHI-Standard Chartered Bank Pakistan Limited (SCBPL) in partnership with the British Deputy High Commission (BDHC), Karachi organised an event to celebrate . The banks unique global footprint put Standard Chartered in a ground-breaking leadership position to accelerate the net zero transition at the speed and scale the world needs. Moreover, we explore the determinants of inter-industry variation and find that one of the most important factors associated with a higher level of convergence is the adoption of sustainability practices by the industry market leader early in the sample period. A paid subscription is required for full access. We are the global organization for the accountancy profession, comprising 180 member and associate organizations in 135 jurisdictions, representing more than 3 million professional accountants. How long will companies continue to work with supply chain partners hindering their net-zero transition? In contrast, the adoption of common sustainability practices is not associated with return on capital, but it is positively associated with market valuation multiples. Profit from the additional features of your individual account. Standard Chartered strives to understand the evolving needs of its communities and be an enabler for change. Show sources information [CDATA[ These aspirations include a commitment to net zero from its financed emissions by 2050 and in its own operations by 2030. They argue total exposure to carbon-intensive sectors in isolation is not a fair reflection on the impact or intention of its climate strategy. Selected sustainability aspirations form 10% of the banks group scorecard for 2021, driving accountability and incentives across the bank. Research by Standard Chartered found that environmental, social and governance (ESG) obligations are top of mind for corporates as the post-pandemic business recovery gets underway. In a new paper, we use data from MSCI ESG Ratings, the largest provider of ESG data in the world, for the period 2012-2017 for all companies that appear in the MSCI consistently across all years i.e. We support the development, adoption, and implementation of high-quality international standards. On the investor side, emerging markets remain a blind spot for many investment funds, and transition finance is deemed too risky by many, despite the billions of dollars now aligned with ESG objectives. How can we make sure that capital flows to transition activities? The bank told Eco-Business that Drews rolewillinvolve engagingwith local and global stakeholders and working collaboratively with them towards the common agenda of mobilising capital towards sustainable solutions., Drew said a statement that she was looking forward to joining an organisation with such a deep institutional commitment to sustainability.. For additional information, please read our website Terms of Use. And our results suggest that sustainability can be both a necessity and a differentiator. SINGAPORE and REDMOND, Wash. 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