Banks and corporates face a growing demand from shareholders, customers, investors and other stakeholders, for their trade finance transactions to actively support the production of goods or services in a manner that minimises adverse environmental and social impacts and promotes environmental and social benefits.
Standard Bank has been working with the International Chamber of Commerce (ICC) Banking Commission, co-leading a working group tasked with equipping banks to encourage sustainable finance trade practices by:
Given that trade finance often involves more than one bank, having a common framework to guide banks is valuable. An overarching framework enables banks to consistently and accurately assess trade risk while developing appropriate responses that promote sustainable trade finance.
Standard Bank’s commitment to the ICC Banking Commission’s sustainable trade finance process dovetails with the aims of the African Union’s Agenda 2063 which highlights the need for trade and investment infrastructure to connect Africa. As an African bank clear in its purpose to drive Africa’s growth, partnering with the ICC to develop standards and rules in trade, in general, and universally adopted global best practice in sustainable trade finance specifically, supports our purpose to facilitate trade and investment flows between African countries, and between African countries and global markets in a way that promotes sustainable and inclusive economic growth.
Standard Bank is a founding signatory of the UN Principles for Responsible Banking. More than 100 banks from five continents launched the Principles at the annual UN General Assembly in New York in September 2019. The Principles set the global benchmark for what it means to be a responsible bank.
They make it clear that banks’ indicators of impact and success should be much broader than their financial results.
The group was part of the core team responsible for developing the Principles and was closely involved in the consultations and negotiations that took place in the 18 months leading up to the launch. The core team represented 28 banks, from all over the world, spanning developed and developing economies. Working closely with the UNEP FI secretariat, we consulted with a wide variety of banks across the globe, and engaged with a great many other stakeholders, including civil society organisations, banking associations, regulators and technical experts.
Our sustainable finance business unit is responsible for partnering with our clients to develop and implement sustainable finance solutions.
Our client risk committees assess issues related to ethics and conduct in relation to new and existing client relationships.
Our sustainable finance business unit is responsible for partnering with our clients to develop and implement sustainable finance solutions.
Our client risk committees assess issues related to ethics and conduct in relation to new and existing client relationships.