Standard Chartered has released its 2023 Sustainability Progress Report highlighting the achievements made in support of its long-term sustainability ambition.
The report covers activity across three focus areas. These are building a sustainable business, enhancing sustainable operations and working with partners to support sustainable communities.
A key highlight of Stan Chart’s latest sustainability report is the significant strides made by the Bank in achieving gender parity across its governance structures and management. According to the report, female representation on the Board has increased from 23% in 2019 to 55% in 2023. Additionally, 56% of the executive management team and 53.6% of all staff at the bank are female. During the period, the bank also introduced an enhanced parental leave policy of 20 weeks paid leave for both female and male employees.
Additionally, the report highlights that in 2023, the bank grew its total Sustainable Finance assets to Ksh. 3 billion. This is a 13% increase compared to a similar period the previous year. Similarly, overall sustainable finance revenue grew by over 1,000%. Revenues also grew from Ksh. 129 million to Ksh. 1.29 billion during the period.
The bank has also made progress towards addressing environmental and social considerations as well as managing climate risk. Operationally, the Bank has managed to achieve a 39% reduction in energy use, achieved through the installation of solar systems at all branches and offices. It reduced the use of paper by 42% and now recycles over 97% of waste generated.
The bank also grew its SC Shilingi Fund, a low-ticket wealth proposition that enhances access to sophisticated financial products. The Fund currently has over 15,500 clients and assets under management over Ksh. 3.16 billion.
Speaking at the unveiling of the sustainability report, Kariuki Ngari, MD and CEO Kenya and Africa for Standard Chartered stated, “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.”