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Our approach and progress

2009 Goals Status Achievements
Roll out the Building Environment Assessment Standard (BEAS). All GEMS buildings to achieve a score of 50 per cent on BEAS. Completed Implemented BEAS roll out.
Implementation of vision and environment strategy for 2011. Completed Progress against action plan by key functions including Corporate Real Estates, Group Technology and Operations, Wholesale Banking, Consumer Banking, Human Resources, Governance offices and Corporate Affairs, tracked and reported to the Committee.
Develop revised environment policy. Completed Environment and Climate Change Policy finalised and made public in 2010.
Broaden engagement with internal and external stakeholders through innovative media such as film and online education. Completed Successful production of the Creating a Climate for Change, film and Planet DigiMag. For World Environment Day on 5 June, staff comprising more than 90 per cent of our total workforce, took part in a range of activities, including tree planting, walking to work, and holding paperless meetings.

2010 priorities

  • Achieve a 50 per cent average score for BEAS participating GEMS buildings. Commence environmental impacts reduction programme, including a 10 year target to reduce direct energy usage by 40 per cent in GEMS buildings.
  • Develop an Action Plan for 2010 for all key functions, based on the central tenets of the Environment and Climate Change policy:
  • Work in partnership with Regional Governance and country CEOs to implement locally relevant initiatives that align closely with the Groups' strategic priorities.
  • Expand e-statement programme to 10 or more markets, and achieve 40 per cent e-statement penetration in the five existing markets - Thailand, UAE, Indonesia, Pakistan and Bangladesh.

It is vital that we have a strong environmental and climate change strategy to ensure that our approach to, and position on, environmental issues is embedded across our organisation. But it must not be so prescriptive that it loses relevance and stifles innovation at the local level. Our strategy thus evolves to keep pace with changing times and the expectations of staff, customers and stakeholders.

We have had an environmental strategy in place since 1998, which in 2008 was updated to set targets to 2011. It is now firmly established, recognised and communicated across our organisation, and focuses on two key areas:

Protecting the environment:

  • reducing the direct impacts of our business operations
  • engaging with our stakeholders to raise awareness and inspire action

Sustainable finance:

  • providing finance that responds to the challenges presented by environmental, social and governance risks
  • using our role as financiers to contribute to the development of a low carbon and resource efficient economy

Our environment and climate change strategy

enviroment and climate strategy

Business priorities are paramount to guiding our strategic direction

We developed our strategy in collaboration with our business operations to ensure that it is aligned with their strategic priorities. Firm parameters have been established within which we can encourage sustainable behaviour change across our organisation.

Strategic priorities: business and environment and climate change

Business priorities Environment and climate change priorities
Basics of banking - retaining a focus on our existing customers and clients, helping them navigate the difficult economic climate while increasing our market share and profit margins. Sustainable finance/reducing our operational impacts - deepening relationships with our existing customers and clients through:
  • Consumer Banking - the introduction of a customer focused paper reduction campaign.
  • Wholesale Banking - managing the environmental and social risks to which our clients are exposed through the implementation of our sector and issue position statements, and identifying new opportunities for ourselves and our clients in financing renewable energy and clean technology projects.
Leveraging our brand - we recognise that we have a strong brand, and will work to leverage it to ensure that it is embedded in everything that we do, and informs every interaction with all our stakeholders. Engagement - ensuring that the Standard Chartered brand is synonymous with responsibility by engaging with our customers, clients and key stakeholders to raise awareness and inspire action around protecting the environment.
Sustain momentum within Wholesale Banking - maintaining strong performance. Sustainable finance - including:
  • The identification and mitigation of environmental and social risks through our position statements and Practitioners' Guides The identification of opportunities for investment through the expansion of our Renewable Energy and Environmental Finance (REEF) business
Reshaping Consumer Banking - to regain income and profit growth. Reducing our operational impacts - including a customer focused paper reduction campaign run by Consumer Banking. This campaign involves reducing the number of fields in our application forms, and simplifying the language of our terms and conditions, which enables more effective cross-selling of products, and contributes to the customer focused approach of the business.
Balance - our businesses depend on each another for cross-selling products, client referrals and shared infrastructure. We operate as One Bank, and need both businesses to succeed. Balance - our dual focus on protecting the environment and sustainable finance ensures that all areas of our business are covered by our strategy, and that success is achieved as One Bank.

Strategic priorities for 2009 focus on water, food and energy security

This year we identified reliable access to food, water and energy as essential to the achievement of economic stability in our markets, which enables our business to prosper and to make a positive contribution to their sustainable development.

To ensure that we are able to make this contribution, we have taken steps to deepen our understanding of these key issues, including:

  • issuing a report entitled Water: The Real Liquidity Crisis. In March, our Client Research team produced this groundbreaking report which analysed various aspects of the water crisis from the human aspect, the economic value, the solutions and the link to climate change
  • issuing a report entitled The End of Cheap Food. In October, our Client Research team produced this cutting edge report that addresses the conflict between rising demand for food and increasing constraints on the world's ability to produce the food to meet that demand
  • corporate sponsor and contributor to the Economics of Climate Adaptation Working Group; a research group that published the report Shaping Climate Resilient Development, which provides decision-makers with a systematic approach to climate adaptation
  • Steering Committee member and corporate sponsor for the 2030 Water Resources Group; a research group that published Charting our Water Future, a report on how water scarcity can be mitigated affordably and sustainably

Understanding the Issues around food, water and energy security

Our Client Research team reports, The End of Cheap Food and Water: The Real Liquidity Crisis examine the sustainability of food and water supplies given current and anticipated trends in consumption, supply and regulation. The analysis combines our deep knowledge of the countries in our footprint with our commodity market and research expertise.

We widely distribute our research to our client base for three reasons: to demonstrate that we understand the issues affecting our customers. to anticipate the challenges these issues suggest, and to identify opportunities for sustainable business activity.

The End of Cheap Food concludes that, while possible to feed the world at a global level, it would inevitably result in higher prices. Regional variations in food availability are likely to widen, leading to more cross-border investment in the agricultural sector, the risk of protectionist policies and heightened food insecurity concerns for net food importers. At a local level, food affordability will become a key focus of fiscal and trade policy across developing countries. While higher prices have positive implications for farm incomes and investment incentives, they will hinder the drive to improve food security for the poor.

Similarly, Water: The Real Liquidity Crisis concludes that the solutions to water scarcity were available, but would require investment, economic return and political will. The report identifies the key solutions - better technology and water allocation - and highlighted the main challenges to be addressed in our footprint.

Report tools

Annual Report and Accounts 2009