sustainability bond framework - standard chartered...2019/04/23 · supporting sustainable and...

01 Standard Chartered BankSustainable Development Goals Bond Framework

Standard Chartered Bank – Sustainability Bond Framework

Author: Alex Kennedy 23/04/19


1. Introduction 1.1 Standard Chartered Bank’s background

We are Here for good – As a leading international bank, we help people and businesses prosper across Asia, Africa and the Middle East.

Standard Chartered is a leading international banking group. Our heritage and values are expressed in our brand promise, Here for good. We operate in 60 markets worldwide, including some of the world’s most dynamic. More than 80 per cent of our income and profts are derived from Asia, Africa and the Middle East. We are active in 37 countries that receive offcial development assistance, including 11 of the least developed countries. We are listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India.

This enables us to connect investors to our unique footprint and offer them the opportunity to fnance impact in some of the world’s least developed countries through a trusted UK regulated institution.

For over 150 years we have provided banking services that help people and companies to succeed, creating wealth, jobs and growth. We are the #1 global export fnance bank1, #3 DCM bank in Asia ex-Japan G3 currency bond issuances2, and we are #3 trade bank globally3. In 2018, we received a rating of AA (on a scale of AAA-CCC) in the MSCI ESG Ratings assessment – this puts us in the top 13% of banks globally.

1.2 Standard Chartered Bank’s Approach to Sustainability

In 2018 we released our Sustainability Philosophy4 ,which sets out how we integrate sustainability into our organisational decision-making. Growth in our markets is leading to rapid urbanisation and creating increased need for infrastructure and technology. We believe fnance plays a key role in meeting these needs. It enables individuals to build a positive future for themselves and their families, businesses to thrive and grow, and governments to deliver economic prosperity for the wider community. Supporting sustainable and responsible growth, including delivering the UN Sustainable Development Goals (‘SDGs’), represents a signifcant opportunity for us.

Whilst 90 per cent of the SDG fnancing needs are covered in developed countries, only 60 per cent of the investment needs are addressed in emerging and developing regions, and as low as 10 per cent in Africa5. Our unique footprint allows us to help address this problem. This Framework, which focuses on directing capital to populations where it matters the most, will ensure additionality in our fnancing.

We build our knowledge and understanding of key issues and share best practice through our membership of industry and sector organisations, adoption of global commitments, and implementation of guiding frameworks. We were an initial endorser of the Taskforce on Climate-related Financial Disclosures (TCFD) in 2017, and as at January 2019, we are members of, amongst others, UNEP Finance Initiative, Equator Principles, UN Global Compact, Green Bond Principles, Hong Kong Green Finance Association and Climate Bonds Initiative.

1 https://www.gfmag.com/magazine/february-2019/worlds-best-trade-fnance-providers-2019-getting-paper-out 2 Bloomberg, Jan-Nov 2017 3 Oliver Wyman Transaction Banking benchmarking study 2016 4 https://www.sc.com/en/sustainability/philosophy/ 5 https://www.unepf.org/positive-impact/rethinking-impact/

https://www.sc.com/en/sustainability/philosophy/

https://www.unepfi.org/positive-impact/rethinking-impact

https://www.sc.com/en/sustainability/philosophy

https://www.gfmag.com/magazine/february-2019/worlds-best-trade-finance-providers-2019-getting-paper-out


1.3 Standard Chartered Bank’s Approach to Sustainable Finance and Environmental and Social Risks

Standard Chartered has had a long commitment to Sustainable Finance. Our approach brings together three themes. First, we believe in the critical importance of being a responsible institution through managing the potential negative impact that our activities could have through strong environmental, social and governance risk flters. Our Environmental and Social Risk Management team was frst established in 1997. Second, we also believe in the power that fnance can have to catalyse a positive impact on our communities and the environment. Our dedicated Sustainable Finance team brings together our experience and expertise in managing environmental, social and governance risk as well as spotting opportunities and structuring solutions to drive positive impact fnancing. Finally, we are focused on where we believe catalysing new sustainable fnance matters most - regions where more capital is needed to drive sustainable growth and where their pathway to a low carbon future will have a major impact on the world’s ability to meet the Paris Agreement’s goal of keeping global warming well below 2 degrees.

We set, and regularly review, environmental & social (E&S) standards for clients via a series of public Position Statements. In 2018 we updated these, setting out new and tightened requirements the Group has for undertaking business across fve sectors. The statements set out our minimum standards and fnancing criteria covering fve sectors that have a high potential environmental or social impact:

• Extractive industries (Oil & Gas, Mining & Metals); • Power generation (Fossil Fuel Power, Nuclear Power, Renewable Energy – including Hydropower); • Agro-industries (Fisheries, Tobacco, Forestry, Palm Oil); • Infrastructure & Transport; • Chemicals & Manufacturing.

The refreshed Position Statements, effective from March 2019, can be accessed here. We require our clients to meet these standards, and our Environmental & Social Risk Management (ESRM) team, part of our wider Sustainable Finance team, is comprised of industry specialists and bankers who work with our Relationship Managers and clients to support them in embedding these requirements. We will decline transactions or exit relationships where clients show insuffcient intent or progress to meeting the standards we set.

We are also explicit about the types of activities that we will not support. Specifcally, we will not provide fnancial services to clients who:

Cross-sector requirements • Are involved in child or forced labour • Have operations that adversely impact upon the Outstanding Universal Value of UNESCO World Heritage Sites • Have operations that are located within, or signifcantly impact negatively upon wetlands designated under the

Ramsar Convention on Wetlands of International Importance • Convert or degrade High Conservation Value (HCV), High Carbon Stock (HCS) forests, or peatlands • Trade or process species listed on the Convention of International Trade in Endangered Species of Wild Fauna and

Flora (CITES)

Oil and gas We will not provide fnancial services directly towards: • New or existing tar sands exploration and/or production activities • New or existing Arctic exploration and/or production activities

https://www.sc.com/en/sustainability/position-statements/


Mining and metals We will not provide fnancial services directly towards: • Asbestos mining operations • New standalone non-captive thermal coal mining projects • Mining operations that conduct direct marine or riverine tailings disposal • Mining operations that conduct Appalachian Mountaintop Removal

Fossil fuel power We will not directly fnance any new coal-fred power plant projects, including expansions, in any location.

Nuclear power We will not provide fnancial services directly towards: • The manufacture or distribution of nuclear weapons • Nuclear power plants where the host country is not a signatory to the Treaty for Non-Proliferation of Nuclear

Weapons, or does not have in place appropriate IAEA Safeguard Agreements.

Agribusiness We will not provide fnancial services directly towards: • New plantations which convert or degrade High Conservation Value (HCV) or High Carbon Stock (HCS) Primary

forests, peatlands, or designated legally protected areas • Operations which use fre for land clearance • The production, manufacture or trade of fur • The production, manufacture or trade of Angora wool

Fisheries We will not provide fnancial services directly towards: • Operations which practice shark fnning or trade in shark fn products • Operations which practice drift net fshing, deep sea bottom trawling or fshing with the use of explosives or

cyanide • Illegal Unreported and Unregulated (IUU) fshing, or use of vessels known to have conducted IUU fshing.

As Tracey McDermott Group Head, Corporate Affairs, Brand & Marketing, Conduct, Financial Crime and Compliance

noted “We believe that sustainable fnance can act as a powerful differentiator for our clients, shareholders, regulators and employees. The over-riding aim is to promote both economic and social development in a sustainable way and help to transform the markets in which we operate for the better, positioning ourselves as the leading Bank for sustainable fnance in emerging markets”

In the last 10 years, we have supported more than 2.5 million of the most vulnerable households through Microfnance. We have mobilised more than USD 5bn in blended fnance to tackling social development problems such as food security in Africa, job creation in Africa and Asia, and low carbon energy in the Middle East, working with donors such as the World Bank and UK CDC. We were proud to help issue the World’s frst Blue Bond by the Republic of Seychelles and the frst green loan where pricing is linked to ESG factors in the Middle East and in an Islamic format for DP World. We are a very active underwriter for Green, Social and Sustainability Bonds for our clients. More than 100,000 Private and Priority Bank clients and prospects have been educated on Sustainable Finance and we have seen a 37% increase in Sustainable Investing AUM from private banking clients in funds and bonds since the start of 2018.


As Simon Cooper, CEO, Corporate, Commercial and Institutional Banking has noted, “We made a commitment to contribute to sustainable economic growth in the markets we are present. This included reaching our own target of providing USD1billion in fnancing microfnance institutions two-years early – helping 2.5 million people access loans – making signifcant progress to fund and facilitate USD4bn toward the clean technology sector between 2016-2020, and seeing strong growth in blended fnance, where we are now the second largest commercial player in the world6. These actions ensure that we are creating products that enable banking for better lives."7

We recently published a white paper on our pilot work on developing a methodology to “measure, manage and ultimately reduce” the CO2 emissions from the activities that we fnance. We believe that this is a critical step to meet the climate challenge and support our clients through the low-carbon transition.

1.4 Standard Chartered Bank’s Approach to Impact

Through our loan portfolio, Standard Chartered supports local employment, wages, profts and tax payments in many different value chains – all of which contribute to sustainable economic growth via creating jobs, strengthening trading ties and broadening access to fnancial services. Routine reporting does not measure these impacts; however, we are a leader in the banking sector in commissioning Impact reports since 2009 in collaboration with various third parties to quantify our impacts in a way that could be shared with external stakeholders.

These independent reports aim to measure the impact of the Group’s operations, in terms of economic value added and employment supported. The reports also make qualitative assessments of other ways in which Standard Chartered contributes to local communities, including through infrastructure, business practices and community investments. In previous years we have published country reports on Indonesia, Ghana, Bangladesh and a regional report on Sub-Saharan Africa (which used data from our operations in Angola, Botswana, Cameroon, Cote d’Ivoire, Ghana, Kenya, Nigeria, Sierra Leone, Tanzania, The Gambia, Uganda, Zambia, and Zimbabwe). In March 2018 the Group published its report on the East African community. All of these reports can be found here.

Through its operations and lending, Standard Chartered directly and indirectly supports $2.8 billion of value-added impact in East Africa, which is equivalent to 2.1% of the region’s GDP. Apart from our 2,500 employees, Standard Chartered supports direct and indirect employment to over 1 million people working at our clients and their associated value chains. This is equal to almost 1.7% of the region’s labour force.8

The reports illustrate the trickle-down effect of our fnancing in our unique footprint; moving from inputs (fnancing), to outputs (employment, wages, profts and taxes), to impact (sustainable economic growth).

6 https://downloads.ctfassets.net/4cgqlwde6qy0/oCQhLWletEoIIgiKuoUWK/cd6236539a56b42d48950bcaa54731c1/State_of_Blended_Finance_2018_FINAL.pdf 7 https://www.sc.com/en/media/press-release/weve-created-a-new-sustainable-fnance-team/ 8 https://www.sc.com/en/sustainability/

https://av.sc.com/corp-en/content/docs/emissions-whitepaper.pdf

https://www.sc.com/en/sustainability/

https://www.sc.com/en/sustainability

https://www.sc.com/en/media/press-release/weve-created-a-new-sustainable-finance-team

https://downloads.ctfassets.net/4cgqlwde6qy0/oCQhLWletEoIIgiKuoUWK/cd6236539a56b42d48950bcaa54731c1/State_of_Blended_Finance_2018_FINAL.pdf


1.5 Background of the Sustainability Bond Framework

We recently released our Green and Sustainable Product Framework which can be found here. This framework governs all activities we as an organisation view as Green or Sustainable. We also have mapped these against their relevant SDGs and SDG targets. We will use the framework to guide the development of themed Green and Sustainable Products which reference a specifc Green and Sustainable use of proceeds. Our framework was developed in collaboration with Sustainalytics.

Against this background, the Group has decided to establish a Sustainability Bond Framework as the basis for future Green, Social and Sustainability bonds to be issued. Standard Chartered Bank is a regular issuer in the bond market across a range of currencies and tenors. Under this Framework, Standard Chartered PLC and its subsidiaries may issue Green, Social and Sustainability Bonds in various formats.

Green, Social, and Sustainability bond transactions use the bond market to direct fund fows in support of sustainable projects. We see a clear beneft in the additional transparency offered by these bonds on the use of proceeds and their impact. We are convinced that sustainable bond offerings can help to raise the necessary funds to combat climate change and increase access to fnance and fnancing in the markets we operate in, and we are committed to support and promote the sustainable bond market.

The Sustainability Bond Framework and related documents (such as the Second Party Opinion) may be updated over time and additional Eligible Project categories may be added.

As an organisation, we applaud the successes of the burgeoning sustainable bond market. However, despite this success, excluding China, a very small percentage of green and social bonds were raised to fnance emerging markets. This is a problem that we hope to address with the future bonds issued from this framework.

https://av.sc.com/corp-en/others/green-sustainable-product-framework.pdf


2.0 Sustainability Strategy We focus our sustainability efforts on three key areas: contributing to sustainable economic growth, being a responsible company and investing in communities.

Our Sustainability Aspirations build on these pillars with a set of actions and measurable targets. These help us track sustainable outcomes across our business, and particularly through the banking services we provide to individuals and companies across our markets. These are all linked to the individual SDGs that they help to fnance. A copy of these Aspirations can be found in the appendices.

Our lending activities support the achievement of focussed UN Sustainable Development Goals.


3. Sustainability Bond Framework Our Framework, which maps our Eligible Projects to specifc SDGs is a step towards contributing capital towards the accomplishment of the SDGs. Under this Framework the Group may issue Green, Social or Sustainability bond transactions, in public or private formats, to fnance and refnance Eligible Projects. The Group may, in the future, update its Framework in line with developments in the market.

Bonds issued under this Framework may take the form of public transactions or private placements, in bearer or registered format, issued under our Debt Issuance Programmes or on a stand-alone basis. Such Bonds will be standard recourse-to-the-issuer obligations and investors will not bear the credit risk of the underlying Eligible Projects.

The Framework is aligned with the ICMA Green Bond Principles (GBP), Social Bond Principles (SBP) and the Sustainability Bond Guidelines (SBG) (2018 editions). It is presented through the GBP’s four core components as well as its recommendation for External Review:

1. Use of proceeds 2. Process for project evaluation and selection 3. Management of proceeds 4. Reporting

3.1 Use of Proceeds

An amount equivalent to the proceeds of Sustainability Bond (“Use of Proceeds”) issuances is exclusively used to fnance or refnance in whole or in part, projects and activities in the categories on the accompanying taxonomy.


Category as per GBP/SBP/SBG

Renewable Energy

Energy Effciency

Clean Transportation

Affordable Basic Infrastructure

SDG Target

¼ 7.1 By 2030, ensure universal access to affordable, reliable and modern energy services

¼ 7.2 By 2030, increase substantially the share of renewable energy in the global energy mix

¼ 7.3 By 2030, double the global rate of improvement in energy effciency

¼ 11.2 By 2030, provide access to safe, affordable, accessible and sustainable transport systems for all, improving road safety, notably by expanding public transport, with special attention to the needs of those in vulnerable situations, women, children, persons with disabilities and older persons

¼ 11.2 By 2030, reduce the adverse per capita environmental impact of cities, including by paying special attention to air quality and municipal and other waste management

Criteria

¼ Generation of energy from renewable sources

¼ Manufacture of components of renewable energy technology

¼ Construction / maintenance / expansion of associated distribution networks

¼ Development of products or technology and their implementation that reduces energy consumption of underlying asset, technology, product or system(s)

¼ Development and/or manufacture of renewable energy technologies, including equipment for renewable energy generation and energy storage. Examples could include wind turbines, solar panels, battery storage

¼ Development, manufacture and/or installation of energy effciency technologies and products such as effcient appliances, lighting, etc.

¼ Development, construction and maintenance of quality transport infrastructure.

Eligible projects

¼ wind, ¼ solar, ¼ hydropower (< 25MW), ¼ waste to energy ¼ Geothermal

¼ Grid expansion / development that enables the direct connection and integration of renewable energies

¼ wind turbines ¼ solar panels ¼ battery storage

¼ Rail transportation projects for public use,

¼ Rail transportation of goods (excluding transport dedicated to fossil fuels),

¼ Development of roads in least developed and lower income OECD DAC9

countries ¼ Vehicle or rail feet retroft

or replacement with technologies including electric or hydrogen

¼ For all public mass passenger transportation not electrifed the following thresholds should be met: 75 gCO2 per passenger km (in 2020) and 56 gCO2 per passenger km (2030) -these thresholds are only applicable if the data is available.

Exclusions

¼ Projects that are large-scale (>25MW) dam or reservoir based hydro projects, run-of river projects with pondage

¼ Geothermal projects with direct emissions more than 100gCO2/ kWh

¼ Projects to improve the energy effciency of fossil fuel production and/ or distribution

¼ Projects or technologies that improve the energy effciency of fossil fuel production and/ or distribution

¼ Effciency improvements involving conventional fossil-fuel combustion engines (hybrid engines and technologies are eligible)

¼ Systems and infrastructure dedicated to the transportation of fossil fuels

9 https://www.oecd.org/dac/stats/documentupload/DAC_List_ODA_Recipients2014to2017_fows_En.pdf

https://www.oecd.org/dac/stats/documentupload/DAC_List_ODA_Recipients2014to2017_flows_En.pdf



Energy Effciency

SDG Target

¼ 9.1 Develop quality, reliable, sustainable and resilient infrastructure, including regional and trans border infrastructure, to support economic development and human well-being, with a focus on affordable and equitable access for all

¼ 9.4 By 2030, upgrade infrastructure and retroft industries to make them sustainable, with increased resource-use effciency and greater adoption of clean and environmentally sound technologies and industrial processes, with all countries taking action in accordance with their respective capabilities

Criteria

¼ Upgrade and retroft infrastructure to make them sustainable, with increased resource-use effciency and greater adoption of clean and environmentally sound technologies and industrial processes.

Eligible projects

¼ Refurbishment of residential and commercial buildings to make them more energy effcient (minimum 30% energy effciency improvements)

¼ Energy-effciency improvements in e.g. lighting, appliances, equipment, building design and heating with a minimum of 30% improvement (Climate Bonds Initiative standard) in energy use or carbon emissions

¼ Substitution of existing heating/cooling systems in buildings or new installation of cogeneration/tri-generation/combined heat and power plants that generate electricity in addition to providing heating/cooling

¼ Waste heat recovery improvements

¼ Train infrastructure upgrades

Exclusions

¼ Improvement activities that result in the use of fossil fuel technologies

¼ Activities related to buildings directly involved in the exploration, extraction, refning and distribution of fossil fuels

Employment generation including through the potential effect of SME fnancing and microfnance

¼ 9.3 Increase the access of small-scale industrial and other enterprises, in particular in developing countries, to fnancial services, including affordable credit, and their integration into value chains and markets

¼ 8.10 Strengthen the capacity of domestic fnancial institutions to encourage and expand access to banking, insurance and fnancial services for all

¼ 8.5 By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value

¼ Investments that contribute to expanding access to affordable and responsible fnancial products and services to the poor and vulnerable populations.

¼ This includes microfnance as well as directly fnancing organizations that are often unable to gain access to fnancial products and services such as small- and medium-sized enterprises.

¼ Financing Microfnance institutions via intermediaries (MFIs), and fnancing of smaller businesses in developing and emerging markets in which SCB operates.

¼ To be eligible for the use of proceeds, one or more of the following populations should be specifcally targeted:

¼ 1) Females ¼ 2) Rural populations who

are focusing on agricultural production and agricultural value chains

¼ 3) Economically excluded individuals

¼ 4) Low-income populations

¼ 5)Populations in least, lower and lower-middle-income DAC11 countries

¼ Businesses and projects that are involved in:

¼ Payday loans ¼ Adult Entertainment ¼ Manufacture and

production of fnished alcoholic Beverages

¼ Fossil Fuel exploration and distribution

¼ Lethal defence goods including small arms

¼ Gambling ¼ Military Contracting ¼ Nuclear power

generation ¼ Non-RSPO

certifed palm oil ¼ Predatory Lending ¼ Manufacture and

production of fnished Tobacco Products

s10 ¼ Confict Mineral ¼ Child labour ¼ Forced labour

10 Minerals (specifcally tantalum, tin, tungsten and gold, often referred to as “3TG”) extracted from areas of armed confict in the Democratic Republic of Congo. 11https://www.oecd.org/dac/stats/documentupload/DAC_List_ODA_Recipients2014to2017_fows_En.pdf

https://11https://www.oecd.org/dac/stats/documentupload/DAC_List_ODA_Recipients2014to2017_flows_En.pdf


Category as per GBP/SBP/SBG SDG Target Criteria Eligible projects Exclusions

Employment generation including through the potential effect of SME fnancing and microfnance

¼ Projects are classifed as microfnance if they meet the following criteria as defned by the International Finance Corporation (IFC). End-client should meet two of the three criteria to qualify:

¼ 1) the number of employees <10;

¼ 2) turnover < USD 100,000;

¼ 3) total assets < USD 100,000;

¼ If before mentioned data is not available, the end-client average loan size should be less than USD 10,000.

¼ To be identifed as an SME, as defned by the International Finance Corporation (IFC), the end-client should meet two of three criteria to be eligible:

¼ 1) the number of employees < 300;

¼ 2) turnover USD 100,000 – USD 15,000,000;

¼ 3) total assets USD 100,000 – USD 15,000,000

¼ If data mentioned above is not available, then the SME average loan size should be between USD 10,000 or more, but less than USD 1,000,000 (10,000 < USD < 1,000,000)

¼ Women-owned MSME in least developed countries should meet following criteria:

¼ at least for 51% owned by a woman or by women, or (b) (i) at least for 20% owned by a woman or by women, (ii). with a woman as CEO, COO, President or Vice President and (iii) if such enterprise has a board of directors, with at least 30% of such board of directors comprised of women.



Affordable Basic Infrastructure

Sustainable Water and Wastewater Management

SDG Target

¼ 6.1 By 2030, achieve universal and equitable access to safe and affordable drinking water for all

¼ 6.2 By 2030, achieve access to adequate and equitable sanitation and hygiene for all and end open defecation, paying special attention to the needs of women and girls and those in vulnerable situations

¼ 6.3 By 2030, improve water quality by reducing pollution, eliminating dumping and minimizing release of hazardous chemicals and materials, halving the proportion of untreated wastewater and substantially increasing recycling and safe reuse globally

¼ 6.4 By 2030, substantially increase water-use effciency across all sectors and ensure sustainable withdrawals and supply of freshwater to address water scarcity and substantially reduce the number of people suffering from water scarcity

Criteria

¼ Activities that expand public access to safe and affordable drinking water

¼ Activities that provide access to adequate sanitation facilities

¼ Activities that improve water quality

¼ Activities that increase water-use effciency through water recycling, treatment and reuse (including treatment of wastewater)

Eligible projects

¼ Construction, maintenance and equipment for water supply infrastructure i.e. pipework

¼ Water treatment facilities ¼ Upgrades to wastewater

treatment plants to remove nutrients

¼ Wastewater discharge infrastructure

¼ Water saving systems, technologies and water metering

Exclusions

¼ Projects or technologies that improve the energy effciency of fossil fuel production and/or distribution

Access to Health Services

¼ 3.8 Achieve universal health coverage, including fnancial risk protection, access to quality essential health-care services and access to safe, effective, quality and affordable essential medicines and vaccines for all

¼ 3.9 By 2030, substantially reduce the number of deaths and illnesses from hazardous chemicals and air, water and soil pollution and contamination

¼ Activities that strengthen the capacity of all countries, in particular developing countries, for provisions of free or subsidized healthcare, and early warning, risk reduction and management of health crises

¼ Improved, sustainable and effcient long-term solutions for eye health.

¼ Access to healthcare for people in poverty, children, youth, people with disabilities

¼ Activities that drive sustainable health solutions and health interventions

¼ Financing to construct, equip, operate:

¼ 1) hospitals, clinics and health care centres for the provision of public/free/ subsidized health services

¼ 2) infrastructure and equipment for the provision of emergency medical response and disease control services

¼ Provision / distribution of healthcare equipment and public services

¼ Projects should improve access to public services for the wider population and promote inclusiveness. High standards in technology, health and safety as well as management processes should be provided in the project selection



Access to Education and Vocational Training

SDG Target

¼ 4.2 By 2030, ensure that all girls and boys have access to quality early childhood development, care and pre-primary education so that they are ready for primary education

¼ 4.3 By 2030, ensure equal access for all women and men to affordable and quality technical, vocational and tertiary education, including university

¼ 4.4 By 2030, substantially increase the number of youth and adults who have relevant skills, including technical and vocational skills, for employment, decent jobs and entrepreneurship

¼ 4.6 By 2030, ensure that all youth and a substantial proportion of adults, both men and women, achieve literacy and numeracy

¼ 4.A Build and upgrade education facilities that are child, disability and gender sensitive and provide safe, non-violent, inclusive and effective learning environments for all

Criteria Eligible projects Exclusions

¼ Activities that expand access to primary, secondary, adult and vocational education aimed to achieve women and minority inclusion in education and to improve the rate of student attendance

¼ Construction of public schools

¼ Construction of public universities

¼ Construction of Campus for public schools and universities


3.2 Process for Project Evaluation and Selection 3.2.1 Sustainability Bond Governance committees

Eligible Projects are subject to three levels of review under the Framework:

1. The Sustainable Finance Working Group – This group of business and functional representatives from across the Group is mandated with reviewing and promoting the Group’s sustainable, green and social fnance activities. This group will identify transactions that are consistent with the Framework.

2. Environmental and Social Risk Management – This team selects the projects which are most appropriate for fnancing pursuant to the Framework.

3. The Sustainability, Green and Social Bond Committee – The Group has established an internal Sustainability, Green and Social Bond Committee (the “Committee”) to manage the process for project evaluation and selection, and the Committee is responsible for the fnal review of Eligible Projects.

The Committee consists of one representative from each of the following departments: Group Treasury, Sustainability, Sustainable Finance, Environmental and Social Risk Management and Debt Capital Markets. In addition, the Committee includes a representative of the business unit for the relevant exposures. For example, in the case of the fnancing of a renewable energy project, the Committee would include a representative from the Group’s Project and Export Finance team.

The Group’s Global Head of Sustainable Finance acts as the chair of the Committee. The Committee is responsible for the content and implementation of the Framework, including the criteria for and the selection of Eligible Projects, the management of proceeds, reporting and external review.

The Committee will identify projects from the pool of Eligible Projects that will be fnanced or refnanced, in whole or in part, with the net proceeds of the issuance of a Series of Notes whose Final Terms specify that the relevant Series of Notes are “Green Bonds”, “Social Bonds” or “Sustainability Bonds”, and will assign an aggregate notional amount of at least the net proceeds of the issuance of the relevant Series of Notes to such Eligible Projects (the “Assigned Projects”). Details of the Assigned Projects will be compiled and kept up to date by the Committee.

If, during the term of a Series of Notes, any Assigned Projects are redeemed or no longer comply with the Eligibility Criteria (as described below), such projects will be replaced by other Eligible Projects in respect of that Series of Notes (“Replacement Projects”) to ensure that the net proceeds of the issuance of the Notes are always fully used to fnance and/or refnance a portfolio of Eligible Projects in respect of that Series of Notes. The Committee will review the portfolio of Assigned Projects on a biannual basis. The Committee will take minutes on the identifcation of Eligible Projects, the allocation of the net proceeds of the issuance of that Series of Notes to Assigned Projects and any changes to the portfolio of Assigned Projects over the term of the Notes. The chair of the Committee will share the minutes of the Committee with senior management in Group Treasury, Group Communications and Investor Relations and in the business unit responsible for each Assigned Project.


3.2.2 Selection Criteria

All loans and investments must comply with the Group’s standard credit process and with all applicable regulatory requirements, with the Group’s overall and sustainability strategy and with the Group’s environmental and social risk management policies and exclusion lists in order to constitute Eligible Projects. In addition, to qualify as Eligible Projects for fnancing and/or refnancing using the net proceeds of the issuance of the relevant Notes, each project must:

1. be aligned with the Framework; 2. ft into one of the Eligible Project categories; 3. not be a loan refnanced by third parties; 4. not be a non-performing loan; and 5. not be an uncommitted transaction.

Businesses and projects that are involved in the following operations will not be Eligible Projects:

- Payday loans - Adult entertainment - Manufacture and production of fnished alcoholic beverages - Fossil fuel exploration and distribution - Lethal defence goods including small arms - Gambling - Military contracting - Nuclear power generation - Non-RSPO-certifed palm oil - Predatory lending - Manufacture and production of fnished tobacco products - Confict minerals12

- Child labour - Forced labour

3.3 Management and Tracking of the Proceeds

The net proceeds of the issuance of each Series of Notes and the Assigned Projects will not be segregated into a separate sub-portfolio, but will be tracked separately, and the Assigned Projects and any Replacement Projects will be recorded and monitored regularly by the Committee.

The proceeds of bonds issued under the Framework will be managed by the Group on a portfolio basis and will be allocated to Eligible Projects. Assigned Projects and any Replacement Projects will be recorded and monitored regularly by the Committee.

If for any reason the Group is not able to invest the net proceeds of the issuance of the relevant Notes in Eligible Projects in respect of that Series of Notes or to fully replace Assigned Projects that are repaid or no longer qualify with the Eligibility Criteria and as a consequence the net proceeds of issuance of the relevant Notes are not fully assigned to relevant Eligible Projects, the Issuer intends to temporarily invest the balance in line with the Group’s liquidity investment guidelines until such balance is fully reinvested into relevant Eligible Projects.

12 Minerals (specifcally tantalum, tin, tungsten and gold, often referred to as “3TG”) extracted from areas of armed confict in the DRC


3.4.1 Allocation of proceeds reporting

On at least an annual basis, the Group will prepare a report to update investors on the allocation of the net proceeds of the issuance of each Series of Notes to Eligible Projects in respect of that Series of Notes. Such reports will provide information such as:

• the total amount of proceeds allocated to relevant Eligible Projects; • the amounts allocated to Eligible Projects in each relevant Eligible Project category; • the remaining balance of unallocated net proceeds at the end of the relevant reporting period and where these

have been invested.

Where the Group obtains a pre-issuance verifcation report in respect of a Series of Notes, such report will be made available on our website.

The Group intends to engage an independent reviewer to review each progress report and opine on its continued conformity with the Framework. The Issuer intends to make each progress report and the related opinions available on its website.

3.4.2 Impact reporting

On an annual basis, the Group intends to report on the impact of the Eligible Assets by category from a social and environmental perspective, subject to the availability of information and baseline data and based on methodologies that will be publicly available. Both allocation report and non-fnancial impact report will be made publicly available on the Standard Chartered Bank website.

Example indicators

Eligible category Environmental indicators Social Indicators

¼ Capacity of renewable energy plant(s) constructed or Renewable Energy rehabilitated in MW

¼ Annual renewable energy generation in MWh/GWh (electricity) and GJ/TJ (other energy)

¼ Annual GHG emissions reduced/avoided in tonnes of CO2 equivalent (where possible)

¼ Number of trains fnanced Clean Transportation ¼ CO2 equivalent saved and Energy Effciency ¼ Energy saved through upgrades of infrastructure

¼ Number of loans to SMEs Employment generation ¼ Number of loans to microenterprises including through the ¼ Regions in which Micro and Smaller

potential effect of SME Businesses were fnanced

fnancing and microfnance

¼ Number of water treatment facilities built or upgraded Sustainable Water and ¼ Households connected to water infrastructure and /or Wastewater wastewater discharge infrastructure

Management ¼ m3 of water saved annually

¼ Number of public hospitals, clinics and Access to Health health care centres fnanced Services

¼ Number of schools fnanced Access to Education ¼ Number of universities fnanced and Vocational Training ¼ Number of Campus for public schools

and universities fnanced


3.5 External review

3.5.1 Consultant review

Prior to any issuance, the Group will commission an independent party to provide a second party opinion for its Sustainability Bond Framework and also conduct a pre-issuance verifcation.

3.5.2 Verifcation

The Group will request on an annual basis, starting one year after issuance and until maturity, a limited assurance report of the allocation of the proceeds of bonds issued under the framework to Eligible Projects.


Appendices Pillar one: Contributing to sustainable economic growth Aspirations Target: We will work with our clients to: Target date Progress

¼ Provide advisory, fnancing, debt ¼ Jan 2017 – Dec 2019 Infrastructure structuring services and policy advice (infrastructure)

Everyone should have access to for $25 billion of infrastructure projects, safe, reliable and affordable power including $4 billion toward clean and infrastructure which transforms technology ¼ Jan 2016 – Dec 2020 lives and strengthens economies (clean technology)

Climate change Climate change is one of today’s greatest challenges and addressing it is essential to promote sustainable economic growth

¼ Introduce criteria to assess alignment to ¼ May 2016 – Dec 2017 a 1.5-degree climate scenario for energy (partially met in sector clients and transactions 2017; carried forward

to 2018)

¼ Expand climate assessment criteria to ¼ Jan 2018 – Dec 2018 other high-emitting sectors

¼ Expand climate assessment criteria to ¼ Jan 2019 – Dec 2020 other high-emitting sectors

¼ Provide $6 billion to Business Banking ¼ Jan 2017 – Dec 2019 Entrepreneurs clients

Entrepreneurs are the heart of local economies, creating jobs and empowering people ¼ Grow our lending to smaller business ¼ Jan 2017 – Dec 2019

clients in our Commercial Bank by 20% as measured by assets

¼ Continue to provide ‘last mile’ payments ¼ Jan 2017 – Dec 2019 Ongoing Digital and collections to clients in our footprint

2018: 14 mobile wallet markets – Everyone should have access to though our Straight2Bank wallet down from 15 in 2017 digital banking products enabling

safe, effcient and inclusive banking 2018: 39% increase in average mobile money transactions to more than 97,725 per month

¼ Bank 8,000 of our clients’ international ¼ Jan 2017 – Dec 2020 Commerce and domestic networks of suppliers and

Trade creates jobs and contributes buyers through banking the ecosystem to economies by enabling people to programmes connect across borders

Impact and sustainable fnance Innovative fnancial products and partnerships can help us solve global development challenges and improve the lives of millions in our markets

¼ Provide $1 billion of fnancing to ¼ Jan 2016 – Dec 2020 microfnance institutions to extend access to fnance

¼ Facilitate opportunities for our Private ¼ Jan 2016 – Dec 2020 Bank clients to invest in impact investing funds in our markets

¼ Continue to promote blended fnance ¼ Jan 2016 – Dec 2020 capabilities

Achieved / Ongoing

2018: $20.8 billion 2017 – 2018: $33.6 billion

Achieved / Ongoing

2018: $2.9 billion 2016 – 2018: $4.9 billion

Not Achieved

New in 2019

Achieved / Ongoing

2018: $3.2 billion 2017 – 2018: $6.0 billion

Ongoing

2017 – 2018: 14%

Ongoing

2018: 2,625 new clients 2017 – 2018: 4,724 new clients

Achieved / Ongoing

2018: $690 million 2016 – 2018: $1.7 billion

Ongoing

2018: 3 funds available

Ongoing

Ranked number 2 bank in the world for blended fnance by Convergence, a leading global network for blended fnance

Achieved

Worked with the United Nations Environment Programme Finance Initiative (UNEP-FI) and 15 banks to pilot climate assessment criteria for additional sectors including oil and gas and transportation, and reported publicly through UNEP-FI. This has informed our approach to managing climate risks


Pillar two: Being a responsible company

Aspirations Target: We will Target date Progress

¼ Increase gender representation: ¼ Sept 2016 – Dec 2020 People 30% women in senior roles

Our people are our greatest asset and our diversity drives our ¼ Roll-out a comprehensive employee ¼ Jan 2018 – Dec 2018 business success wellness programme across four key

markets (UK, US, Singapore and Hong Kong)

Ongoing

2018: 27.7% in senior roles

Achieved

Achieved

New for 2019

New for 2019

On track

2008 – 2018: 33% reduction

Achieved/Ongoing

2008 – 2018: 35% reduction

Ongoing

2008 – 2018: 57% reduction

Ongoing

2012 – 2018: 24% reduction

New for 2019

Achieved

21 correspondent banking academies delivered

Environment Reducing our own impact on the environment will protect our planet for the beneft of our communities

¼ Roll-out a refreshed diversity and ¼ Jan 2018 – Dec 2018 inclusion strategy Bank-wide

¼ Commit to pay a Living Wage in all our markets by 2020 and support this by:

¼ Defning and implementing a Living Wage for all employed workers

¼ Jan 2019 – Dec 2019

¼ Conduct a feasibility analysis for incorporating a Living Wage into agreements for non-employed workers

¼ Reduce annual energy use by 35% to 230 kWh/m2/year in our tropical climate locations (80% of portfolio)

¼ Jan 2019 – Dec 2019

¼ Jan 2008 – Dec 2019

¼ Reduce annual energy use by 31% ¼ Jan 2008 – Dec 2019 to 275 kWh/m2/year in our temperate climate locations (20% of portfolio)

¼ Reduce annual water use ¼ Jan 2008 – Dec 2019 by 72% to 0.5kL/m2/year

¼ Reduce annual offce paper ¼ Jan 2012 – Dec 2020 use by 57% to 10kg/FTE/year

¼ Reduce annual greenhouse gas ¼ Jan 2019 – Dec 2050 emissions by 90% to 18,000 tonnes by 2050* with interim targets of 36% to 121,000 tonnes by 2025 and 55% to 84,000 tonnes by 2030

¼ Effectively embed the conduct ¼ Jan 2018 – Dec 2018 Achieved Conduct management framework so that all staff

99.6% of employees reconfrmed Good conduct and high ethical are able to identify, mitigate and manage commitment to the Code of standards are essential in achieving conduct risk Conduct in September 2018 fair outcomes for our clients Conduct identifed as new Risk Type in the Enterprise Risk Management Framework

¼ All eligible Bank staff to complete ¼ Ongoing Ongoing Financial crime relevant ABC, AML and sanctions

99.9% of employees completed compliance training with less than 2% overdue ABC training

Financial crime has serious social 99.9% of employees completed and economic consequences, AML training harming individuals and communities 99.9% of employees completed sanctions training

¼ Deliver at least 10 correspondent ¼ Jan 2018 – Dec 2018 banking academies


Pillar three: Investing in communities

Aspiration Target: We will Target date Progress

¼ Invest 0.75% of prior year operating proft ¼ Jan 2006 – Dec 2020 Community (PYOP) in our communities engagement

Health and education are vital for thriving and prosperous

¼ Raise $100m to tackle avoidable ¼ Jan 2003 – Dec 2020 Achieved communities blindness

2018: $5.2 million raised and matched by the Bank

2003 – 2018: $103.6 million raised and matched by the Bank

Achieved / Ongoing

2018: $49.2 million community expenditure, which represents 2.04% of PYOP

Ongoing

2018: 100,189 girls participated in Goal

2006 – 2018: 481,978 girls participated in Goal

New for 2019

New for 2019

New for 2019

New for 2019

¼ Empower 600,000 girls through ¼ Jan 2006 – Dec 2020 education and sport

¼ Educate 5,000 micro and small ¼ Jan 2013 – Dec 2020 Achieved businesses, with 20% women-owned

2018: 5,438 micro and smallor led

businesses – 90% women-owned or led

2013 – 2018: 10,995 micro and small businesses – 73% women-owned or led

¼ Raise $50m for Futuremakers by ¼ Jan 2019 – Dec 2023 Standard Chartered

¼ Education: Reach one million girls ¼ Jan 2019 – Dec 2023 and young women through Goal**

¼ Entrepreneurship: Reach 50,000 micro ¼ Jan 2019 – Dec 2023 and small businesses

¼ Support the development of the Vision ¼ Jan 2019 – Dec 2020 Catalyst Fund


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