StanChart Advances Sustainability Agenda for long-term Ambition

Standard Chartered Advances Sustainability Agenda;

• Sustainable Finance revenue now represents 3.1% of total revenue in Kenya, up from a contribution of 0.4% in 2022
• More than 21,000 participants benefit from Futuremakers programmes, with 14% being persons with disabilities and 86% being women

Standard Chartered has released its 2023 Sustainability Progress Report, highlighting the achievements made in support of its long-term sustainability ambition.

The Report covers activity across three focus areas, including building a Sustainable Business, enhancing Sustainable Operations and working with partners to support Sustainable Communities.

The Report highlights that in 2023, the Bank grew its total Sustainable Finance assets to KES 3 billion, a 13 per cent increase from 2022, while increasing overall sustainable finance revenue by over 1,000 per cent.Revenues grew from KES 129 million to KES 1.29 billion during the period. The Report also highlights significant strides made by the Bank in achieving gender parity across its governance structures and management.

“Our dedication to supporting our clients in building sustainable businesses, and providing finance where it is needed most, remains a key driver of our business.The launch of our second Sustainability Progress Report reflects our commitment to aspirations that enable us to drive tangible outcomes across our operations, communities and client offerings that contribute to a more sustainable future,” said Kariuki Ngari, MD & Chief Executive Officer, Kenya and Africa for Standard Chartered.

The 2023 Sustainability Progress Report highlights the Bank’s approach to strategy and progress towards addressing environmental and social considerations as well as managing climate risk.

Operationally, the Bank has managed to achieve a 39 per cent reduction in energy use, achieved through the installation of solar systems at all branches and offices. It reduced the use of paper by 42 per cent and now recycles over 97 per cent of waste generated.

Female representation on the Board has increased from 23 per cent in 2019 to 55 per cent in 2023. Additionally, 56 per cent of the executive management team and 53.6 per cent of all staff at the bank are female. During the period, the Bank also introduced an enhanced parental leave policy of 20 weeks paid leave for both female and male employees.

The Bank also grew its SC Shilingi Fund, a low-ticket wealth proposition that enhances access to sophisticated financial products. The Fund now has over 15,500 clients and assets under management over KES 3.16 billion.

“Our commitment to fostering sustainable communities is evident in our transformative initiatives. Through our Futuremakers programmes, we reached over 21,000 participants in 2023, with 86 per cent being women and 14 per cent being persons with disabilities.We continue to promote economic inclusion and tackle inequality by empowering young people and supporting entrepreneurship.

Our Women in Tech program and Access to Finance initiative have provided vital support to female entrepreneurs, driving positive change and creating opportunities for sustainable development,” said Mr. Ngari.

Sustainability is one of four strategic priorities for Standard Chartered, complementing its focus on delivering a mass retail proposition, connecting clients to its global network and serving the growing affluent client base in the region.

The full 2023 Sustainability Progress Report can be accessed here https://stanchartke-spr2024.tiiny.site/.