Standard Chartered announced today the launch of the UAE’s first Sustainable Account (SA). This new product, offered to large corporates, provides clients with the opportunity to contribute to sustainable development whilst maintaining daily access to their finances for critical liquidity management needs.
Deposits in Sustainable Accounts are used to fund sustainable projects based on Standard Chartered’s Green and Sustainable Product Framework, which is aligned to the United Nations Sustainable Development Goals. The surplus cash will be used in addressing some of the world’s biggest long-term threats, including climate change and financial exclusion.
Rola Abu Manneh, Chief Executive Officer, Standard Chartered UAE, said: “We, at Standard Chartered, strongly believe in utilising finance as a force for good to create a sustainable future. This, along with the UAE’s commitment to Net-Zero by the year 2050, encouraged us to extend our product framework to our clients in the UAE; therefore,enabling them to actively participate in achieving a brighter future for the generations to come.”
She added: “Sustainability sits at the heart of everything we do, and our Sustainable Account offers flexibility, transparency and ease while making a significant contribution to financing progress for a sustainable future. Aldar Properties, which shares our values and sense of purpose, was the first organisation globally to proactively utilise the Sustainable Account to support their sustainable and inclusive growth opportunities.”
Standard Chartered’s Green and Sustainable Product Framework has been co-authored with industry experts Sustainalytics, meaning separate benchmarking or assessments don’t need to be carried out.
The Sustainable Account has also been launched in the United Kingdom with plans to roll out in other markets during 2022.