Standard Chartered remains a market leader in sustainable investing strategies: Ben Daly, Global Head of Transition Finance

Standard Chartered remains a market leader in sustainable investing strategies: Ben Daly, Global Head of Transition Finance

• Standard Chartered excels in sustainable investing and energy transition.
• Bank aims to mobilise $300 billion in sustainable finance by 2030
• 83% of surveyed corporates confident India will meet net-zero goals

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Standard Chartered said on February 10 that the bank remains to be market leader with regards to its capabilities of sustainable investing, with heavy investments in clean technology and energy transition capabilities.

"I think we're a market leader. We have a brand of promise around here for good. We have invested in our clean technology business, energy transition business, etc. I think we've got a huge amount of capabilities,” Ben Daly, Global Head of Transition Finance said in his remarks, post the release of its ‘India and the Energy Transition’ report.

The global bank’s commitment  to sustainable and transition finance sets it apart from its peers, and that the bank has set firm expectations on how its balance sheet should be utilised for sustainable investing, Daly said.

“It's our commitment as much as anything else. So right from the top, our CEO Bill Winters is very strong on his expectations around how the bank leverages its balance sheet,” he said.

"We've likely invested as much as, or even more than, many international banks, not only in our service offerings and capabilities, but also through firm commitments to deploy our balance sheet," Daly noted. "Our net zero targets are progressive, so it's really the targets, our balance sheet and the team that we have.”

The ‘India and the Energy Transition’ report which was released for the first time in India, ahead of the Mumbai Climate Week, revealed that 83% of the corporates the bank interviewed were confident that India will meet its net-zero goals. More than 90% of the corporations that were surveyed were already investing in energy transition and low carbon solutions, according to the report.

However, the survey conducted also showed that less than 40% of Indian organisations have engaged with sustainable finance solutions, with a major reason being they were not convinced about the benefits of such solutions.

Standard Chartered has committed to mobilising $300 billion in sustainable and transition finance by 2030 to support clients in transitioning to a net-zero economy.

“We are trying to support the mobilisation of capital to enable energy transition. Sustainability is one of the strategic pillars of the bank, which is among other things, and we continue to be committed to supporting our clients in our markets,” Daly said.

Furthermore, the report stated the green and sustainability-linked bonds have emerged as the most popular options to raise funds, while companies with exposure to water and labour-intensive operations have shown an interest in blue and social bonds.