StanChart contributions to low carbon economy hailed

THE government has commended Standard Chartered Bank for its commitment to supporting the country’s efforts to transition to a low carbon economy.

The remarks were made by the Deputy Permanent Secretary in the Vice-President’s Office (Environment), Dr Switbert Mkama in an event to unveil ta report dubbed ‘Here for Good: A Sustainable Future for Tanzania’, the report highlights the bank’s contributions to social, commercial and environmental opportunities.

“The report showcases what the bank is doing to champion and lead change across the country and businesses. This is an extremely outstanding effort and it is incredible to see how the bank has connected its business model to the Sustainable Development Goals (SDGs),” he said.

Mr Mkama was impressed by the progress that has been made in sustainable finance and how the bank leveraged its partnerships in assisting the government to transition to a low-carbon economy.

The report said the bank has managed to apply its three pillars to address environmental and social challenges in Tanzania; namely sustainable finance, responsible company and inclusive communities.

According to the report, the bank has been committed to using the power of finance to address environmental and social challenges in the country and this was done through the bank’s three sustainability pillars.

Speaking during the launch event, the Bank’s Executive Officer, Mr Herman Kasekende said: “This report demonstrates ways in which sustainability practices can drive economic growth, improve the well-being of communities, and protect the environment for future generations.  As a bank, we believe we have a unique role to play in shaping the future of our country.”

The report highlights the bank’s contribution to driving the country’s economic growth through a wide range of topics, including impact financing, efforts to reduce greenhouse gas emissions, investing in communities, digital innovation, and initiatives to promote financial inclusion and literacy.

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