Tuesday, June 25, 2024
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Bank eyes net zero by 2025

James Kon

With its sustainable finance journey started more than 20 years ago, Standard Chartered Bank (SCB) is committed to achieve net zero in the bank’s operation by 2025 and reducing emission intensity of financial portfolio by 2050.

The commitment to tackle the global issue of climate change was revealed yesterday during SCB’s Sustainable Finance Seminar hosted at The Empire Brunei’s Business Centre.

SCB’s Cluster Chief Executive Officer (CEO) Indonesia and ASEAN Markets Andrew Chia said, “From ASEAN the perspective, I am heartened to see how committed the Government of His Majesty Sultan Haji Hassanal Bolkiah Mu’izzaddin Waddaulah ibni Al-Marhum Sultan Haji Omar ‘Ali Saifuddien Sa’adul Khairi Waddien, Sultan and Yang Di-Pertuan of Brunei Darussalam is to the theme of sustainability. We are in the right place. On behalf of our children and grandchildren and the future, I would like to say thank you.”

He said, “The rainforest and jungle in today’s world can be monetised through carbon credit trading which could generate money for Brunei’s economy in the future. The world has changed and that is why we are all here today, how we together can prepare for change. The fact that people are here to attend the seminar demonstrates the importance of climate change and sustainability.”

SCB’s sustainability journey started more than 20 years ago. He shared, “We have made our stand very clear. By 2025, we want to be net zero for banking operation and by 2030, we want to be net zero for all our financing operation. This means we have to work very closely with our business and government partners for a greener and better as well as cleaner future. We have committed USD300 billion of sustainable finance across our footprint in more than 60 countries and we are the only international bank in all 10 ASEAN markets. We are committed to financing not just green or sustainable projects, but also transition finance.”

Meanwhile SCB Brunei CEO Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim said, “At Standard Chartered, we believe that the insights we share through our platforms are important for our clients and stakeholders in order to help drive and inform their decisions for  their business.”

Sustainability, he explained, “is in the forefront of everyone’s thoughts these days and the bank is committed to sustainable social and economic development through our business, operations and communities. This is guided by our brand promise of being here for good. We believe that we can take the lead on our commitment to be the world’s most sustainable and responsible bank by embedding our values into all aspects of the way we work to be a force for good”.

FROM LEFT: Standard Chartered Bank’s Cluster Chief Executive Officer (CEO) Indonesia and ASEAN Markets Andrew Chia; SCB Brunei CEO Pengiran Aki Ismasufian bin Pengiran Haji Ibrahim; and Vice Chairman, ASEAN and President Commissioner, Indonesia, SCB Rino Donosepoetro. PHOTOS: JAMES KON
Managing Director of Brunei Darussalam Central Bank (BDCB) Hajah Rokiah binti Haji Badar and officials with Andrew Chia as well as Rino Donosepoetro with invited guests during the seminar

The seminar was hosted to share insights and thought leadership on sustainable finance frameworks and policy progressions across the markets that SCB operates and how the bank can help transitioning clients and advise key stakeholders on moving forward.

The invited speakers included Vice Chairman, ASEAN and President Commissioner, Indonesia, SCB Rino Donosepoetro who presented on SCB’s capabilities on Sustainable Finance; Executive Director, Group Public and Regulatory Affairs Ludovic Coll on sustainable finance regulatory policies and frameworks; and Director, Sustainable Finance ASEAN and South Asia Justin Ma on Standard Chartered’s sustainable finance products and services.

Rino Donosepoetro in his presentation said, “Climate change and sustainability is about all hands on deck. Climate change is a threat to all of us and our children and grandchildren.

”We are an emerging market specialist, we are the only international bank that has presence in all 10 ASEAN markets, helping developing countries to get to a better stage of accelerating net zero and participation. For more than 20 years, SCB has been active in the sustainability journey and we are setting a long term ambitious plan to play our part in tackling this issue globally. We had announced our plan and commitment to reach net zero carbon emission by 2025.”

He added, “We also made another commitment as a bank to achieve net zero from our financing activities by 2050 where all the clients that we help finance, we ensure all our portfolio financing and activities add up together to net zero. This is quite a massive and bold commitment for a financial institution.”

Rino Donosepoetro also welcomed the news of the ASEAN Centre for Climate Change to be set up in Brunei. This will play a very significant role in driving ASEAN’s efforts in combatting climate change as well as coming up with new ideas attracting financing capital to ASEAN.

He also said SCB is a global leader in the industry, supporting sovereigns and others SSAs.

The bank, supported the launch of Indonesia’s ETM in 2022, is also the founding member of the Glasgow financial alliance for net zero in 2021 as well as to have a seat at the table in global and regional forums.

Also present at the seminar were Managing Director of Brunei Darussalam Central Bank (BDCB) Hajah Rokiah binti Haji Badar and officials.