Press release
Standard Chartered adopts ICC’s Sustainable Trade Finance Principles
First international bank to fully align to the industry principles
25 Feb 2025, SINGAPORE – Standard Chartered today announced that it is adopting the International Chamber of Commerce’s (ICC) recently published industry Principles for Sustainable Trade Finance. The move makes Standard Chartered the first international bank to confirm the alignment of its Sustainable Trade Finance solutions to the recently announced global industry principles.
In October 2024, ICC published a set of principles aimed at providing clear, transparent, and consistent guidelines to enable banks, corporates and investors to effectively channel capital towards sustainable and inclusive trade finance facilities.
Standard Chartered’s Sustainable Finance solutions are governed by two frameworks that provide transparency on transaction and client eligibility criteria, while providing for adherence to rigorous environmental and social risk management standards. The Bank’s frameworks comprise the Transition Finance Framework and the Green and Sustainable Product Framework 2024.
“Standard Chartered first introduced its sustainable trade finance proposition in 2021 and as part of our efforts to support the creation of sustainable trade finance standards across the industry, we are pleased to adopt ICC’s principles,” said Sofia Hammoucha, Global Head of Trade & Working Capital at Standard Chartered. “We are committed to offering our clients innovative solutions that empower them to achieve their sustainability goals while effectively managing associated risks. We applaud ICC for leading the way in setting the international guidelines for the industry and we look forward to continuing our partnership with them to shape the future of sustainable trade finance globally.”
The ICC Principles provide a robust methodology for evaluating sustainable trade finance transactions. This includes a standardised approach for assessing use-of-proceeds in trade finance transactions, enhanced due diligence protocols for sustainability verification and unified reporting standards to ensure consistency across financial institutions.
Raelene Martin, Head of Sustainability at ICC, said: “We are thrilled to welcome Standard Chartered’s adoption of the ICC’s Principles for Sustainable Trade Finance, which marks an important step in aligning the industry around common methodology for the assessment of sustainable trade finance. As one of the leading trade banks, Standard Chartered’s tremendous support is integral to our ongoing efforts to provide thought leadership and guidance that is fit for purpose for industry globally. We believe that the ICC Principles for Sustainable Trade Finance present an important milestone in embedding sustainability at the heart of global trade in a practical and robust way. We look forward to our continued partnership and to expanding adoption of ICC’s guidance more broadly.”
Boston Consulting Group (BCG) is a long-term strategic partner of ICC, co-leading ICC’s Sustainable Trade programme since its inception, including the working group that developed the most recent Principles for Sustainable Trade Finance.
Ravi Hanspal, Partner at BCG said: “Accelerating sustainable trade is a critical enabler in decarbonising some of the world’s most complex supply chains. Unlike for many other financial products, trade finance practitioners have not historically had a clear, consistent, and consensus definition on what constitutes sustainable trade finance, limiting its application. The formal recognition and adoption of ICC’s Principles for Sustainable Trade Finance by a leading global financial institution is a huge step forward on this journey and is hopefully the first of many more.”
To find out more about the ICC Principles for Sustainable Trade Finance, visit www.iccwbo.org.
For further information please contact:
Rami Lawand
Standard Chartered
+65 96321507
Alvina Neo
Standard Chartered
+65 8186 8074
Randa El Tahawy
ICC +33645128262
Notes to editors:
About the International Chamber of Commerce
The International Chamber of Commerce (ICC) is the institutional representative of more than 45 million companies in over 170 countries. ICC’s core mission is to make business work for everyone, every day, everywhere. Through a unique mix of advocacy, solutions and standard setting, we promote international trade, responsible business conduct and a global approach to regulation, in addition to providing market-leading dispute resolution services. Our members include many of the world’s leading companies, SMEs, business associations and local chambers of commerce.