Standard Chartered has unveiled its 2023 Sustainability Progress Report, underscoring notable achievements in its sustainability agenda. The report reflects the bank’s commitment to building a sustainable business, enhancing sustainable operations, and supporting sustainable communities.
Key highlights from the report include a remarkable increase in sustainable finance assets, which grew by 13 percent to KES 3 billion. Sustainable finance revenue surged by over 1,000 percent, rising from KES 129 million in 2022 to KES 1.29 billion in 2023. This growth led to sustainable finance representing 3.1 percent of the bank’s total revenue in Kenya, a significant jump from 0.4 percent in the previous year.
Kariuki Ngari, MD & Chief Executive Officer, Kenya and Africa for Standard Chartered, emphasized the bank’s dedication to sustainability: “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. 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.”
Operationally, Standard Chartered achieved a 39 percent reduction in energy use by installing solar systems at all branches and offices. The bank also reduced paper usage by 42 per and now recycles over 97 percent of its waste.
In terms of governance and management, the bank achieved significant strides in gender parity. Female representation on the Board increased from 23 percent in 2019 to 55 percent in 2023. Additionally, 56 percent of the executive management team and 53.6 percent of all staff are female. The bank also introduced a new parental leave policy, offering 20 weeks of paid leave for both male and female employees.
James Mwangi, CEO, Africa Climate Ventures; Kellen Kariuki, Chair, Standard Chartered; Kariuki Ngari, CEO, Standard Chartered; Vijay Gidoomal, CEO, Car & General and Ory Okolloh, Board Member, Safaricom.
The SC Shilingi Fund, aimed at enhancing access to financial products, saw its client base grow to over 15,500, with assets under management exceeding KES 3.16 billion.
Standard Chartered’s Futuremakers programmes benefited more than 21,000 participants in 2023, with 86 percent being women and 14 percent being persons with disabilities. The bank’s Women in Tech program and Access to Finance initiative have been pivotal in supporting female entrepreneurs, driving economic inclusion, and tackling inequality.
“Our commitment to fostering sustainable communities is evident in our transformative initiatives. We continue to promote economic inclusion and tackle inequality by empowering young people and supporting entrepreneurship.” Ngari added
Sustainability remains a core strategic priority for Standard Chartered, aligning with its broader goals of delivering a mass retail proposition, connecting clients to its global network, and serving the growing affluent client base in the region.