Standard Chartered Bank announced today the launch of the first sustainable bank account in the UAE, noting that this new financial product offers large companies in the country the opportunity to contribute to sustainable development while maintaining their ability to access cash to meet vital liquidity management needs.
The bank stated in a press release that the deposits available in these accounts will be used to finance sustainable projects in accordance with Standard Chartered's sustainable and green product framework, which aligns with the United Nations' sustainable development goals.
The surplus cash in the accounts will be utilized to address some of the long-term risks the world faces, including climate change and issues related to financial exclusion. Rola Abou Menah, the CEO of Standard Chartered in the UAE, stated that "Standard Chartered believes in using financial financing as a driving force to achieve a sustainable future. In light of this, and with the UAE's commitment to achieving climate neutrality by 2050, we have provided our sustainable financial product framework for our clients in the country, enabling them to actively participate in realizing a bright future for coming generations."
She added, "We see that the new sustainability account offers the flexibility, transparency, and liquidity that companies need while significantly contributing to financing development for a sustainable future." Abou Menah noted that the framework for sustainable and green products was developed in collaboration with experts specializing in sustainability analysis, eliminating the need for separate evaluations or standards.
It is worth mentioning that the sustainable account was also launched in the UK, with plans to introduce the new product in several other markets over the next year.
