KARACHI: The Standard Chartered Bank (Pakistan) Limited (SCBPL) has introduced Pakistan’s initial Sustainable Trade Export LC Program.
In partnership with Louis Dreyfus Company (LDC), SCBPL is facilitating the export of cotton procured through the Better Cotton Initiative (BCI), the world’s leading certification program for sustainable cotton.
Given Standard Chartered’s emphasis on supporting companies in achieving net-zero and bridging the funding gap for sustainable and green finance in emerging markets, SCBPL was the preferred bank for LDC, who share a commitment to achieving a secure and sustainable future in Pakistan.
According to Arslan Nayeem, the Head of Client Coverage, CCIB, Standard Chartered Pakistan, the bank is committed to supporting local exports in a way that promotes sustainability and climate resilience, as encouraged by the Better Cotton Initiative.
Through the Sustainable Export LC Program, the bank is partnering with Louis Dreyfus Company to pursue joint sustainability goals. With sustainability and transition finance becoming increasingly important, Standard Chartered is prioritizing its support for clients seeking to cover funding gaps for such initiatives in Pakistan, a key market for green and transition financing.
Bilal Yousuf Chabra, Country Head of LDC Pakistan, expressed his satisfaction with the partnership and shared his thoughts on sustainable agriculture and production. He stated that sustainable agriculture and production are among the world’s most critical challenges, and as a leading merchant and processor of agricultural goods, LDC is committed to a safe and sustainable future.
He further added that they are proud to work closely with Standard Chartered Bank to strengthen their commitment in Pakistan, where they have been a part of the community since 2015.
It is great to see the focus on sustainable trade and the use of BCI certified cotton in this program. This will not only benefit the environment but also improve the livelihoods of smallholder cotton farmers in Pakistan.
It is encouraging to see Standard Chartered Bank and LDC Pakistan working together to align environmental goals with financial models, and supporting the growth and development of the local cotton industry.
That’s great to hear! Implementing sustainable practices in trade and exports is an important step towards promoting sustainability and mitigating the impact of climate change. The use of third-party sustainable goods certification is a valuable tool to ensure that sustainable practices are being followed throughout the entire supply chain, and it helps to build trust and transparency between buyers and suppliers.
