Paving the way for a sustainable future: A call to action by Standard Chartered

By Standard Chartered Tanzania CEO & Head of Coverage Herman Kasekende

The moment to act on environmental issues facing our planet has in recent times taken centre stage. On this specific issue of climate change and resource conservation, including the social impact on communities, there is a clear case for action. The move towards a more sustainable future presents challenges as well as immense opportunities. At Standard Chartered, we believe that financial institutions can make an important contribution to facilitating the shift to a net-zero economy and making economic growth both inclusive and sustainable.

Sustainability is a key pillar at Standard Chartered. It is embedded in our business culture and helps to inform our brand promise: "here for good". We strive to provide sustainable, inclusive growth and prosperity for the communities we serve. We are also continuously making an investment in creating solutions that help our clients manage their business complexities and uncover new possibilities.

To maintain our focus, we pursue clear sustainability priorities. This includes the ambition to be net zero in our own operations by 2025, to be net zero in our financed emissions by 2050, and to mobilise USD300 billion of sustainable finance by 2030 in support of a Just Transition that responds to environmental needs while driving inclusive economic and social growth.

Additionally, our sustainability plan is aligned with international treaties that define our collective efforts towards a better future. We are working to help contribute to the UN Sustainable Development Goals (SDGs) by accelerating net zero (SDG 7), improving participation (SDG 1 & 10), transforming globalisation (SDG 17), and accelerating sustainable finance (SDG 13).

Our commitment is longstanding, as evidenced by our efforts to reduce our carbon footprint through minimising emissions since 2008. Furthermore, 66% of the electricity in our portfolio is from renewable sources. Our overall level of waste was reduced by 37% in 2023 and we have a target to minimise 90% of waste to landfill by 2030.

Standard Chartered Tanzania is currently involved in key sustainability initiatives including tree planting and beach cleaning. We have planted thousands of trees in various locations including Bagamoyo District at Kigongoni Primary School. Working with schools and other public institutions on this initiative aligns with the government’s policy to plant 276 million trees.

We also collaborate with other organisations during our beach cleaning exercises. The Recyler Limited has been a valuable partner in cleaning Kibo Beach in Mbezi. These events are organised around World Oceans Day to showcase our commitment to sustainability.

We believe that finance has the opportunity to be a force for good. We are dedicated to supporting innovation that prioritises economic inclusion and moving capital where it can create a lasting impact. This involves exploring alternative solutions to the financing gap for sustainable development, for instance, through our efforts in Just Energy Transition Partnerships and investing in nature finance initiatives such as mangrove forest restoration programs.

We are a first-mover in adopting the Taskforce for Nature-Related Financial Disclosures (TNFD) to incorporate nature into our financial decision-making as an important subject of risk management along with climate change.

Standard Chartered is honoured to be part of this global movement. We are committed to offering green finance products, embracing digitalisation to help combat wastage, and funding community development projects that bring benefits to people and the environment. We believe that banks and the wider business community hold the key to facilitating a credible net-zero transition by deploying transition finance and sustainability-linked lending, and climate adaptation funding to support vulnerable communities.

We know that time and collective effort will be required to achieve a sustainable future. Standard Chartered will continue to work with our clients, communities, and policymakers to create a resilient, inclusive, and a prosperous Tanzania for generations to come.