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Standard Chartered Joins The Climate Group

Date
07 February 2008

Standard Chartered, one of the world's leading international banks, has today announced a new partnership with The °Climate Group to play a key role in the transition to a low carbon economy.

The new partnership supports Standard Chartered's group environment and sustainable finance strategies and reinforces previous commitments it has made to reducing the Bank's direct greenhouse gas emissions and financing sustainable low carbon solutions. The Bank's commitment to the Clinton Global Initiative in 2007, to finance USD$8-10 billion new renewable and clean energy projects in Asia, the Middle East and Africa over five years, is a recent example.

Across the Group, Standard Chartered has set targets to reduce {CO2} emissions from both energy consumption and air travel by 10% per full-time employee (FTE) as well as reduce paper consumption by 20% per full-time employee (FTE) between 2006 and 2008.

Standard Chartered is also encouraging individuals from across the globe to make environmental savings through their online pledging initiative which is part of their four marathon series The Greatest Race on Earth: Race for a living planet. To date over 543,111 pledges have been made saving over 20,239 tonnes of {CO2}. To make your pledge and add to these environmental savings on the Greatest Race on Earth website.

James Stacey, Standard Chartered's Head of Sustainable Business said, "We are delighted to join The °Climate Group's global coalition. The °Climate Group will be a valuable partner in supporting Standard Chartered's international commitment to reduce emissions and lead our stakeholders towards a low carbon economy."

Steve Howard, CEO of The °Climate Group, said, "We are pleased that Standard Chartered has joined The °Climate Group's international business coalition. Their ambition to lead on tackling climate change is significant as Standard Chartered operates in over 50 countries, and employs over 65,000 staff."

Becoming a member of The °Climate Group is Standard Chartered's latest commitment to tackling climate change. Their group environmental strategy is focused around four key areas:

  • Operational impact: leading by example through reducing the environmental impact associated with the Bank's own activities, in line with its targets
  • Sustainable lending: building upon the Bank's Environment and Social Risk Policy, now ten years in implementation
  • Sustainable finance: facilitating the evolution towards low pollution, low carbon, and resource efficient economies by adapting existing products and services and developing new ones
  • Engagement: raising awareness among employees and wider stakeholders about the consequences of poor environmental stewardship, the importance of environmental protection and what they can do to make a difference.

The Bank's initiatives to date include donating USD$1 million to support environmental conservation projects through Standard Chartered's unique team marathon series, The Greatest Race on Earth; and achieving "Best In Class" reporting through the Carbon Disclosure Project.

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For further information or interviews please contact:
Tom Howard-Vyse
The °Climate Group, Head of Media, Europe
Tel: + 44 (0)7800 933 831
thoward-vyse@theclimategroup.org

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