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StanChart sustainable finance chief says 'massive shortfall' in EM funding

Simon Jessop
·1-min read
A woman walks past a Standard Chartered bank in London
A woman walks past a Standard Chartered bank in London

By Simon Jessop

LONDON (Reuters) - Standard Chartered's <STAN.L> head of sustainable finance said on Wednesday that there was currently a "massive shortfall" in funding for projects to drive a shift to a low-carbon future in emerging markets.

While emerging markets currently faced some of the biggest risks from climate change, they also offered some of the best opportunities, Daniel Hanna told the Green Horizon Summit on climate and finance in London.

"The reality is there is currently a massive shortfall of capital going to emerging markets, in general, and in particular in sustainable finance," he said, referring to a recent study by the bank.

"We need to see a significant shift of capital to really drive the transition in emerging markets, which I think, ultimately, is also going to be the determinant of where the planet's emission profile goes over the next ten years."

(Reporting by Simon Jessop; editing by Matthew Green)