As per the latest news, Standard Chartered has introduced what it says is the first sustainable supply chain finance program in the Middle East, in association with Majid Al Futtain Retail, administrator of the Carrefour franchise in the region. Earlier, Standard Chartered launched Olea with Linklogis for sustainable trade finance.
The program, which is now being administered by some of the organization’s most dynamic suppliers in the United Arab Emirates, facilitates ideal financing terms to suppliers that fulfill sustainability criteria such as utilizing energy-efficient equipment, incorporating fuel-efficient vehicles and decreasing landfill waste.
The program is expected to be extended to all of the organization’s suppliers across the Middle East, Africa, and Asia.
“Through this innovative program, we aren’t only supporting our supplier partners, moreover, we are also introducing & boosting them to take on sustainable practices within their operations,” says Hani Weiss, CEO of Majid Al Futtaim Retail.
This is the latest in a series of sustainable supply chain finance programs within the retail sector. In 2019, HSBC developed the first such scheme, empowering Walmart suppliers that exhibit progress in The Sustainability Index, powered by The Sustainability Consortium’s measurement and reporting system, or through the retailer’s Project Gigaton, to incorporate improved financing.
