Standard Chartered lines up environment projects for Brunei

National 1 minute, 43 seconds


STANDARD Chartered recently pledged a hefty $8-$10 billion to the Clinton Global Initiative in a bid to do their part for the environment.

It is the largest pledge made by the bank to date.

According to a media release, Standard Chartered Bank (SCB) will be involved in a five-year commitment that will focus on renewable energy projects such as wind, hydro, geothermal, solar, biomass and coal bed methane in Asia, Africa and the Middle East, according to a media release.

SCB Brunei commented that in line with the pledge, every Standard Chartered Bank worldwide already has a plan in place.

Brunei is also prepared to put plans into action, according to spokesperson Lizayati Hj Damit.

"We have our own environment task force and a few initiatives lined up," she said.

SCB Brunei emphasised that it is not merely paying lip service to the environment and reiterated that the pledge is a solid and substantial commitment to making a difference.

"The pledge is a reflection of our commitment, it shows that we are passionate about this," Lizayati told The Brunei Times.

The Clinton Global Initiative, now in its third year, is headed by former US president Bill Clinton and aims to devise and implement innovative solutions to global problems.

This year's pledge aims to establish a $500 million microfinance facility, educate one million people about HIV/Aids and to support the Vital Voices Global Partnership.

"We believe we really can make a difference to the environment and climate change. Businesses need to do more and with this pledge we are leading by example,"said Peter Sands, Standard Chartered Group Chief Executive.

SCB received "Best in Class" accolades last September for its approach to climate change disclosure in a report released recently by the Carbon Disclosure Project, a coalition of over 315 global investors with more than $41 trillion in assets.

In the report, Standard Chartered was included in the Climate Disclosure Leadership Index, a prestigious honour roll for global corporations addressing the challenges of climate change.

The Brunei Times