Standard Chartered Bank has launched new sustainability framework. According to a statement, the Sustainability Philosophy sets out how the bank integrates sustainability into its organisational decision-making and how it would work with its clients, suppliers, non-governmental organisations (NGOs) and governments in its markets, stating that it explains â€œhow the bank addresses the balance between supporting business and economic growth, and protecting the environment.â€
â€œOver the coming weeks and months, the bank will be publishing new criteria and standards which will outline clearly the type of business it will and will not do, starting with coal.
â€œAdditionally, for the first time the bank has made public the Prohibited Activities List, which details those activities it will not support,â€ it stated.
Commenting on the new framework, the bankâ€™s Group Head Corporate Affairs, Brand & Marketing, Tracey McDermott, was quoted to have said: â€œWe believe we have a key role to play in promoting sustainable economic growth in the communities and markets we serve. We aim to be a force for good â€“ taking a long term view and working with our clients to improve their sustainability performance and so help to drive up standards across our markets.â€