Protecting the environment

Disasters in 2008 such as the hurricanes that devastated the Caribbean, storms in China and Cyclone Nargis in Myanmar, claiming more than 220,000 lives, vividly brought home the human and financial cost of climate change.

Many of our markets are already suffering from extreme weather conditions such as devastating floods, severe droughts, snowstorms and heatwaves. The costs of such weather-related catastrophes more than doubled to $200 billion in 20081. Climate change is making them more frequent and more dangerous.

We are conscious of our responsibility to cut the carbon dioxide emissions caused by our operations and have exceeded our reduction targets for 2008. But we can do much more to deal with the business and other risks that we all face. We work with employees, customers and other stakeholders to raise awareness, stimulate action and reduce their impact on the environment. We set ambitious targets to minimise our own carbon footprint and paper use. And we finance businesses and projects that will reduce emissions and help people adapt to climate change.

“Protecting the environment is always important no matter where you are based. Most banks think it is not an issue because of their low emissions, but any kind of industry should be concerned about the environment.”Myung-Hoon Yoo,
Korea CSR

This section reports our action in 2008 to reduce the energy and other resources used by our operations and to engage with stakeholders on environmental issues. The Sustainable finance section reports our environmental lending and other commercial activities.

In 2008, we began implementing our revised environment strategy with ambitious targets for 2011. We launched action plans for key areas such as the energy use of our buildings and extended Country Environment Committees to cover most of our markets to drive environmental action and engagement.

We also launched several interactive, fun tools to engage and inspire staff, whose involvement is essential to achieve our environmental ambitions. Our social networking site, Greenstorming, has attracted 17,000 staff.

Working outside the Bank, including membership of organisations such as The Climate Group and the Corporate Leaders Group on Climate Change, we continued to stress the need for urgent action by governments, businesses and individuals. The Race for a Living Planet involved more than half a million people who pledged to make changes in their lives that will help protect the environment.

1
Source: Munich Re Insurance Group

Highlights

  • 47,000employees covered under our environmental management system
  • 14 per centreduction in CO2 emissions per employee 2006–2008
  • $1mdonated through the Race for a Living Planet

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Peter Sands - Chief executive officer

Standard Chartered's Approach To Climate Change!

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Standard Chartered is listed on the FTSE4Good Index and the FTSE4Good Environment Index

 
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Standard Chartered was Best in Class in 2008 for the second consecutive year