Standard Chartered has outlined significant strides in its sustainability journey, as detailed in its 2023 Sustainability Progress Report released on Monday.

The report underscores the bank’s commitment to a sustainable future by focusing on building a sustainable business, enhancing operations, and fostering sustainable communities.

A cornerstone of the bank’s strategy, sustainability saw a substantial boost in 2023.

Sustainable finance assets surged by 13 per cent to Sh3 billion, while revenue from such initiatives skyrocketed over 1,000 per cent to Sh1.29 billion from Sh129 million in the previous year.

“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,” affirmed Kariuki Ngari, MD & Chief Executive Officer, Kenya and Africa for Standard Chartered.

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“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.”

The report highlights the bank’s operational efficiency improvements, including a 39 per cent reduction in energy consumption through solar installations and a 42 per cent decrease in paper usage. Waste management has also seen commendable progress, with over 97 per cent of waste now recycled.

A notable achievement is the advancement of gender parity within the bank. Female representation on the board has risen to 55 per cent from 23 per cent in 2019, while women constitute 56 per cent of the executive management team and 53.6 per cent of the overall workforce.

Moreover, the bank has introduced a generous parental leave policy of 20 weeks paid leave for both mothers and fathers.

Standard Chartered’s commitment to financial inclusion is evident in the growth of its SC Shilingi Fund, which now boasts over 15,500 clients and assets under management exceeding Sh3.16 billion.

“Our commitment to fostering sustainable communities is evident in our transformative initiatives,” Ngari added.

The bank’s Futuremakers programmes reached over 21,000 participants in 2023, with a strong focus on women and persons with disabilities.

Initiatives such as Women in Tech and Access to Finance have been instrumental in empowering female entrepreneurs.

Sustainability is a strategic pillar for Standard Chartered, complementing its focus on mass retail, global connectivity, and serving the growing affluent client base in the region.