British multinational banking and financial services company, Standard Chartered has launched the UAE’s first Sustainable Account (SA), to offer its clients the opportunity to contribute to sustainable development.
Standard Chartered offers its new product to large corporates to enable them to support efforts for sustainable development while maintaining daily access to their finances for critical liquidity management needs.
The deposits in SA are used to fund sustainable projects based on Standard Chartered’s Green and Sustainable Product Framework, which is aligned to the United Nations Sustainable Development Goals (UN SDGs). The surplus cash will be used in addressing some of the world’s biggest long-term threats, including climate change and financial exclusion.
“We, at Standard Chartered, strongly believe in utilizing finance as a force for good to create a sustainable future. This, along with the UAE’s commitment to Net-Zero by the year 2050, encouraged us to extend our product framework to our clients in the UAE, therefore, enabling them to actively participate in achieving a brighter future for the generations to come. Sustainability sits at the heart of everything we do, and our Sustainable Account offers flexibility, transparency and ease while making a significant contribution to financing progress for a sustainable future.”
Aldar Properties, Abu Dhabi’s leading real estate developer, was the first organization globally to proactively utilize the SA to support its sustainable and inclusive growth opportunities. The Sustainable Account has also been launched in the UK with plans to roll out in other markets during 2022.
