Standard Chartered has become the first international bank to adopt the International Chamber of Commerce’s (ICC) Industry Principles for Sustainable Trade Finance, reinforcing its commitment to responsible and inclusive financial solutions.
The ICC introduced these principles in October 2024 to establish clear guidelines for sustainable trade finance, ensuring transparency and consistency for banks, corporations, and investors.
Sofia Hammoucha, Standard Chartered’s Global Head of Trade & Working Capital, highlighted the bank’s commitment to driving industry-wide sustainability, stating, “We are pleased to adopt ICC’s principles as part of our mission to support sustainable trade finance. Our goal is to provide clients with innovative solutions that help them achieve their sustainability objectives while managing risks effectively.”
The ICC’s principles offer a standardized framework for evaluating sustainable trade finance transactions, incorporating enhanced due diligence, use-of-proceeds assessments, and unified reporting standards.
Raelene Martin, ICC’s Head of Sustainability, welcomed Standard Chartered’s decision, calling it a significant step toward aligning the industry around a common sustainability methodology. “Standard Chartered’s support is crucial in embedding sustainability at the heart of global trade,” she said.
Boston Consulting Group, a strategic partner in developing these principles, also applauded the move. Partner Ravi Hanspal noted that a clear definition of sustainable trade finance has been lacking, and Standard Chartered’s adoption marks a major milestone in advancing sustainability across complex global supply chains.
This development positions Standard Chartered at the forefront of sustainable trade finance, setting a precedent for other financial institutions to follow.
