Standard Chartered Expands Sustainable Finance Solutions With Sustainable Demand Deposit Account
Standard Chartered (“Bank”) today announced the launch of its Sustainable Account. This new product, with the characteristics of a Demand Deposit Account, provides large corporates with the opportunity to contribute to sustainable development whilst maintaining daily access to their finances for their intraday liquidity management needs.
Deposits in Sustainable Accounts are used to fund sustainable projects based on the Bank’s Green and Sustainable Product Framework, which is aligned with the United Nations Sustainable Development Goals (SDGs). The surplus cash will be used in tackling some of the world’s most significant long-term threats, including climate change, quality education, clean energy, and financial exclusion.
“Financial institutions are in a unique position to play a role in social and economic prosperity by facilitating how clients can contribute to sustainable development,” said George Lee, Head of Transaction Banking at Standard Chartered Americas. “Our Sustainable Deposit platform allows clients to meet their liquidity needs and their sustainability goals in a flexible and transparent manner where funds will be referenced against sustainable loans and projects.”
The Bank’s Sustainable Account offering is part of its suite of sustainable solutions ranging from Sustainable Trade Finance solutions, Bonds and sustainable advisory services. Sustainable Deposits were first launched in 2019 as fixed term deposits, and deposits broke the $2 bn mark in May 2020 with companies such as Southwire tapping this solution to advance its Environmental, Social and Governance goals.