Banks provide billions for Dirty Diesel traders while failing to act on human rights, says new briefing
- Of 26 banks contacted, not one has pressured companies over toxic fuel exports to Africa
BankTrack is the international tracking, campaigning and support organisation focused on banks and the activities they finance.
We aim to promote fundamental changes in the banking sector so that banks adopt just and sustainable business practices.
Johan Frijns, BankTrack
Despite its British base, Standard Chartered has few customers in the United Kingdom. Ninety percent of its profits come from Asia, Africa, and the Middle East. Its operations lie predominantly in former British colonies, though over the past two decades it has now expanded operations into 70 countries and territories. Standard Chartered offers a full range of banking products to consumers, private clients and business, including an extensive Islamic banking operation.
On 31 December 2015 Standard Chartered controlled assets worth USD640.48 billion.
1 Basinghall Avenue
EC2V 5DD London
Bill Winters |
|Annual report||Annual Report 2016|
listed on Bombay Stock Exchange, Hong Kong Stock Exchange, London Stock Exchange & National Stock Exchange of India
Standard Chartered's standards and policies can be found here.
The Equator Principles are a voluntary commitment of banks to try to avoid or minimise the social, environmental and human rights impact of projects they finance. For more information on the Equator Principles see their website here and the campaign page of BankTrack here.
The Equator Principles exist already since 2003. Standard Chartered adopted the Equator Principles in 2003.
Standard Chartered reports annually on their implementation of the Equator Principles. The 2015 report can be found here.
Standard Chartered further reports on its portfolio of projects financed under the Equator Principles on the Equator Principles website, here.
Standard Chartered is involved in financing the following Equator Principles projects that BankTrack considers controversial.
True leader Front runner Follower Laggard
BankTrack has assessed Standard Chartered on its implementation of the UN Guiding Principles on Business and Human Rights in June 2016. Standard Chartered is assessed as a Laggard, with a total score of 1.5/12.
Standard Chartered is reporting on the implementation here.
In August, two banks ended their involvement in Adani's massive proposed Carmichael coal mine project in Australia. The project, which has been championed by Prime Minister Tony Abbott, faces an uncertain future due to legal challenges as well as its problems in attracting finance. Australia's Commonwealth Bank ended its role as advisor to the project after months of sustained community pressure, followed days later by the UK's Standard Chartered, the project's leading advisor.