For those of you who think corporate companies are greenwashing everything, the news of Standard Chartered (STAN) launching sustainable accounts in the UAE may be pushed aside with a hint of irritation. However, this time we're not talking about a PR stunt to persuade the public to buy a particular product or service. Instead, we're talking about actual money being spent to address issues such as climate change and financial exclusion.
Abu Dhabi-based Aldar Properties will be the first entity to participate in Standard Chartered's Green and Sustainable Product Framework. The program was developed following the UN's Sustainable Development Goals — and the bank's sustainable accounts will fund those goals.
Why it matters
Standard Chartered's sustainable accounts will be launched in the UK next — in early 2022. Thereafter, it'll launch them in other countries too, depending on their popularity (ESG aside, we guess supply has got to cater to demand!).
