Finance

Standard Chartered Reports Nearly $1 Billion in Sustainable Finance Revenue

The annual report emphasized significant growth in sustainable finance over the past year, with banking seeing the largest increase. Sustainable finance lending and financing solutions rose to $507 million in 2024, up from $386 million the previous year. The bank also experienced substantial growth in sustainable finance transaction services, which surged by 58% to $319 million, mainly due to an 82% rise in payments and liquidity-based services.

Furthermore, Standard Chartered reported progress toward its goal of mobilizing $300 billion in sustainable finance by 2030, reaching $121 billion by the end of 2024.

In the report, Marisa Drew, Standard Chartered’s Chief Sustainability Officer, commented:

“The opportunity to finance the transition to a low-carbon economy is more urgent and important than ever… The potential for further growth in sustainable finance is immense as new technologies emerge and renewable energy capacity continues to outpace fossil fuels.”

Alongside its sustainable finance achievements, Standard Chartered reaffirmed its commitment to climate goals, including its target to reach net-zero financed emissions by 2050, and unveiled its first transition plan, outlining its strategy to achieve net-zero emissions.

Importantly, the bank also introduced a goal to reduce emissions from capital markets activities in the oil and gas sector by 26.9% by 2030, marking its first facilitated emissions target. The oil and gas sector accounts for the bulk of emissions in Standard Chartered’s facilitation portfolio. Additionally, the bank set an interim financed emissions target for the agriculture sector, completing its goals for all 12 of its highest carbon-emitting sectors.

These new net-zero financing objectives come as several of its competitors, such as HSBC, have scaled back or postponed their climate finance goals. Earlier this month, HSBC revealed it was reassessing its 2030 financed emissions targets and delaying its net-zero ambitions due to the slow pace of global transition.

During a call with analysts discussing the annual results, Bill Winters, CEO of Standard Chartered, highlighted that the bank continues to see strong demand from clients driven by their decarbonization efforts.

TECH

Rethinking Design: Efficiency vs. Effectiveness in the Absence of Big Tech

In 2020, Low Tech Magazine – a publication focused on exploring the “potential of past and often overlooked technologies” – featured an article titled How and Why I Stopped Buying New Laptops, written by its founder Kris de Decker. Between 2000 and 2017, Kris had purchased three new laptops, spending a total of €5000. Unfortunately, each one eventually failed, prompting him to instead invest in a secondhand 2006 model, which, after a battery and hardware upgrade, cost him under €150.

In the article, Kris makes a compelling argument for returning to older machines. Buying secondhand dramatically reduces costs (his annual laptop expense dropped from €300 to just €26) and conserves energy. Additionally, he points out that laptops don’t evolve as much as expected; a 2015 research paper revealed that the embodied energy of laptops remains relatively unchanged over time. While Kris offers practical advice on adapting older technology for modern use, his role as a journalist means his laptop's main purpose is to write—a simpler task compared to more complex activities like coding or motion design. However, creative professional and educator Tim Rodenbröker found not only logic but creative potential in Kris' approach. In fact, he viewed these constraints as beneficial for creativity.

For Tim, limitations are often the key to unlocking creativity. “I’m absolutely convinced that constraints are the most powerful driver for good ideas,” he says to It’s Nice That. “When you have endless options, like on Netflix, you often end up with something mediocre. But when you limit yourself to something more challenging, you learn so much in the process and grow.”

CRYPTO

The $4.6 Billion Crypto Scandal Rocking Argentina: The Largest Theft to Date

Argentina is currently reeling from what is being called the largest-ever cryptocurrency theft in history, amounting to a staggering $4.6 billion. The scandal has sent shockwaves through the digital currency world, as the massive sum was allegedly stolen through a sophisticated network of fraudulent schemes and hacks. This theft not only highlights the growing risks associated with cryptocurrency but also raises serious concerns about security and regulation in the industry. The stolen funds, which were tied to several high-profile crypto exchanges and wallets, have left investors and financial institutions scrambling for answers. As authorities investigate the breach, this incident is expected to have far-reaching implications, potentially reshaping how digital currencies are secured and monitored in the future.