Standard Chartered is planning to open a green branch in Hong Kong as part of its ongoing push for sustainable finance.
The new branch will be fully paperless and offer a wide range of green banking products, according to Standard Chartered’s Hong Kong chief executive Mary Huen during a media briefing.
Funds held in green deposits will only be used to finance projects that help reduce pollution, such as renewable energy installations.
Standard Chartered’s green branch launch is in line with China’s climate change ambitions with Beijing pledging last year to achieve carbon neutrality by 2060.
In June, the Hong Kong Monetary Authority also said it would allocate more to stocks and bonds that consider environmental, social, and governance (ESG) factors.
With the promotion by the governments and the strong demand of customers, we believe in the huge opportunities arising from green finance businesses such as green bonds, green loans and green deposits. This is why we believe it would be a good idea to have a green branch,» Huen said. «The green branch concept will hopefully help to bring awareness that companies and individuals can help to contribute to sustainability.