Meet the first sustainable bank account in the UAE
Standard Chartered Bank today announced the launch of the first sustainable account in the UAE, noting that this new financial product offers the country's major companies the opportunity to contribute to sustainable development while maintaining their access to cash to meet critical liquidity management needs. .
The bank stated in a statement that the deposits available in those accounts will be used to finance sustainable projects in accordance with the Standard Chartered framework for sustainable and green products, which is in line with the United Nations goals for sustainable development.
The surplus cash in the accounts will be used to address some of the long-term risks the world faces, which include climate change and issues of financial deprivation.
Rola Abumaneh, CEO of Standard Chartered Bank in the UAE, said, "(Standard Chartered) believes in using financial financing as an effective force to achieve a sustainable future, and in light of this, and in conjunction with the announcement of the UAE's commitment to achieving climate neutrality by 2050, we at the bank By providing the framework of our sustainable financial products to our customers in the country, in order to enable them to actively participate in achieving a bright future for future generations.”
She added, "We believe that the new sustainability account provides the flexibility, transparency and liquidity that companies need while contributing significantly to financing the development of a sustainable future."
Abomaneh pointed out that the framework for sustainable and green products was developed in cooperation with experts in the sustainability analysis sector, which eliminates the need to hold assessments or set separate standards.
The sustainable account has also been launched in the UK, with plans to introduce the new product in a number of other markets over the next year.
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