Standard Chartered Bank is eager to provide substantial support to Chinese companies that retain a green culture as they grow their footprint in Africa.
According to Richard Li, the head of wealth and retail banking at Standard Chartered Bank China in Nairobi, Kenya’s capital, there is an increasing demand on the continent for sustainable consumption and production technologies to reach a climate-resilient future for local populations.
“I can see opportunities and capabilities we can bring in as Standard Chartered Bank to support our clients to respond to this trend between China and Kenya that will accelerate the green transition in Africa,” Li said.
Yan Xiangning (L), Kenya Project Manager of Beijing Sifang Automation Company, stated that the multinational lender will also help Chinese companies leverage their involvement in the Africa-China trade corridor to increase the continent’s capacity to produce green products to meet rising market demand.
According to economic experts, Kenya’s green transformation initiatives must be accelerated in order to respond to the effects of climate change, such as the recent devastating floods that killed over 260 people.
According to Li, Standard Chartered Bank already provides sustainable finance in the supply chain of green space along the Africa-China commerce corridor.
Kenya is already a green energy leader, generating more than 80% of its electricity from renewable sources such as hydropower, geothermal, wind, and solar, he said.
Li noted that Standard Chartered Bank has created a number of financial solutions to ensure that Africa benefits from China’s rapidly expanding new energy industry.
