KARACHI: Standard Chartered Bank (Pakistan) Limited (SCBPL) has launched Pakistan’s First Sustainable Trade Export LC Programme. SCBPL is supporting Louis Dreyfus Company (LDC) export cotton sourced through the world’s leading cotton sustainability certification programme, the Better Cotton Initiative (BCI).
With Standard Chartered’s focus on helping companies accelerate to net-zero and closing funding gaps for sustainable and green finance in emerging markets, SCBPL was the bank of choice for LDC, given LDC’s own commitment to work towards a safe and sustainable future in Pakistan.
On this development, Arslan Nayeem, Head of Client Coverage, CCIB, Standard Chartered Pakistan has said SCB find it key to support local exports not only as an economically viable venture but also to integrate sustainability and climate resilience in a manner that the Better Cotton Initiative encourages.
“We are delighted to partner with Louis Dreyfus Company in this joint pursuit of our sustainability goals through this Sustainable Export LC Programme. Sustainability and transition finance have become the need of the hour and a priority for many of our clients”, he added.
Pakistan is a prime market for green and transition financing and the Bank is here to support clients cover funding gaps for such initiatives.”
Bilal Yousuf Chabra, Country Head of LDC Pakistan has said that sustainable agriculture and production remain amongst the world’s most pressing challenges. As a leading merchant and processor of agricultural goods, we are driven by our purpose of a safe and sustainable future. “We are proud to be working closely with Standard Chartered Bank to build and strengthen our commitment in Pakistan, where we have been part of the community since 2015”, he added.
The partnership will also see LDC Pakistan aligning our environmental goals with our financial model, while supporting the growth and development of the local cotton industry.
Initiating the first Sustainable Trade Export LC Programme for LDC in Pakistan is another pioneering milestone achieved by SCBPL. The underlying commodity is BCI certified cotton which is grown in a sustainable more pest and drought resilient manner allowing improved livelihoods for nearly 1.5 million smallholder cotton farmers.
Pakistan is now the second largest producer of BCI cotton and through this Sustainable Trade Export LC programme will export to buyers in Bangladesh, Vietnam, and other countries. A sustainable-goods certification issued and approved by a third party will form a part of each transaction and documentation for this Programme. This is a key initiative to embrace sustainable exports which will encourage local and global sustainability measures while supporting Pakistan’s economy.
Copyright Business Recorder, 2023
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