Standard Chartered has started its sustainable bank account in the UAE for large corporates. The bank said deposits in the accounts are used to fund sustainable projects based on Standard Chartered’s Green and Sustainable Product Framework, which is aligned to the United Nations’ Sustainable Development Goals, according to a statement from the bank.

Abu Dhabi-based developer Aldar Properties is the first to open the account with Standard Chartered.  

Rola Abu Manneh, CEO of Standard Chartered UAE, said: “Our Sustainable Account offers flexibility, transparency and ease while making a significant contribution to financing progress for a sustainable future.”

“Aldar Properties, which shares our values and sense of purpose, was the first organisation globally to proactively utilise the Sustainable Account to support their sustainable and inclusive growth opportunities.”  

The surplus cash will be used in addressing issues including climate change and financial exclusion, the statement said.

The Sustainable Account has also been launched in the UK with more markets to follow in 2022.

(Writing by Imogen Lillywhite; editing by Seban Scaria)

Imogen.lillywhite@refinitiv.com 

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