COSCO SHIPPING Development and Standard Chartered Bank (China) Limited have entered into a framework agreement focussed on transforming the container industry chain and fostering sustainable finance, which includes a committed credit line of CN¥3 billion (US$400 million).
The signing of this cooperation agreement is expected to enhance ongoing information exchange between the two organizations at national, regional, and global scales. It will also deepen their joint efforts in transition financing, liquidity, and risk management, alongside promoting green and sustainable development initiatives.
“This move aims to bolster high-quality advancements in the ESG field,” said COSCO in a statement.
Recognized as the world’s first financial project dedicated to the transformation of the entire container industry chain, this initiative seeks to pinpoint the green and low-carbon transformation pathway within the container industry.
“By examining the daily operations of container manufacturing and leasing among other business segments, the project aims to integrate a ‘transformation finance’ solution to support and expedite the green and low-carbon transformation process for each node within the industry chain,” noted COSCO.
