Standard Chartered Bank Doubles Down on Sustainability, Eyes $1 Billion Target in Sustainable Finance
In an era where climate skepticism threatens to derail global climate action, Standard Chartered Bank (SCB) is forging ahead with its sustainability agenda — and reaping substantial financial rewards. The international banking group recently reported a 36% year-over-year increase in sustainable finance income, totaling $982 million in 2024. This milestone puts SCB within striking distance of their $1 billion annual income target, a full year ahead of schedule.
“It’s a profitable business, so I don’t want to sound too mercantilist about it, but we do the right thing, and we get paid for it,” says SCB CEO Bill Winters. “It’s kind of win, win.”
Ahead of the Curve: SCB’s Transition Plan
While several major U.S. and Canadian banks have scaled back their climate initiatives amid political pushback, SCB has doubled its efforts, publishing a comprehensive Transition Plan detailing how it will incorporate climate considerations across its entire business. The result is a suite of strong 2024 figures, with sustainable finance lending alone reaching $507 million and transaction services growing by 58% to $319 million — driven largely by an 82% increase in payments and liquidity-based services.
Moreover, SCB is on track to mobilize $300 billion in sustainable finance by 2030, already having secured $121 billion by the end of 2024. They have also set interim financed emissions targets for their 12 highest carbon-emitting sectors, becoming the first Global Systemically Important Bank to receive external confirmation that these targets align with the Paris Agreement.
Seizing the Sustainable Finance Opportunity
Marisa Drew, SCB’s Chief Sustainability Officer, emphasizes the momentous potential: “The opportunity to finance the transition to a low carbon economy is more compelling and crucial than ever… The scope for further sustainable finance growth is significant as new technologies come online and as renewable capacity growth continues to outpace that of fossil fuels.”
Yet this growing pool of green capital remains out of reach for many organizations that lack robust Environmental, Social, and Governance (ESG) reporting capabilities. Meeting banks’ stringent requirements for transparency and accountability is now a critical step for those seeking sustainable financing.
Enter Switch Climate Tech: Bridging the ESG Reporting Gap
Founded by sustainability expert Vinayak Satpute, Switch Climate Tech closes the gap between businesses striving for sustainability and the financial institutions eager to fund them. Switch’s Carbon Accounting Platform enables companies to track, report, and verify their environmental impact with audit-grade compliance covering frameworks such as GRI, SASB, BRSR, CBAM, and CSRD.
“We follow 3 easy steps: Measure, Mitigate and Transform. We democratize carbon accounting for products, services, and operations while automating audit-grade compliance reporting,” Satpute explains. Through Switch’s platform, businesses of all sizes can create transparent ESG disclosures that satisfy the rigorous demands of forward-thinking lenders like Standard Chartered.
Switch Climate Tech’s impact extends across multiple industries, from manufacturing to hospitality, providing:
- Carbon Footprint Analysis: Data-driven metrics on emissions hot spots
- Materiality Assessments: Identifying the most pressing ESG issues relevant to stakeholders
- Detailed Compliance Reports: Aligning ESG disclosures with international standards
Positioning for Growth — and a Greener Future
Standard Chartered’s 2024 results underscore a broader trend: sustainable finance is both a profitable venture and a crucial mechanism for accelerating the global shift to a low-carbon economy. For businesses ready to align with climate-focused banks, the right reporting tools can make all the difference.
By partnering with a platform like Switch Climate Tech, organizations can position themselves to access this burgeoning capital market while actively contributing to a more sustainable future.
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