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The ICC has launched new principles for sustainable trade finance to combat greenwashing, providing clear guidelines. Stakeholders can contribute feedback during an open consultation before the final release.
The International Chamber of Commerce (ICC) has introduced its Principles for Sustainable Trade Finance (PSTF) at Sibos 2024 in Beijing, aiming to combat greenwashing and provide clear guidelines for sustainable trade finance. Developed in collaboration with key industry players such as HSBC, Standard Chartered, and Deutsche Bank, the PSTF outlines standards for banks, corporates, and investors to ensure transparency and sustainability in trade finance.
The principles address gaps in existing sustainability frameworks that are challenging to apply to trade finance's flow-based products. According to Raelene Martin, ICC’s Head of Sustainability, the PSTF offers "clear, transparent, and consistent guidelines" to mitigate greenwashing risks.
The PSTF is organized into four main sections:
Principles for Green Trade Finance (PGTF)
ICC guidance on Sustainability Linked Supply Chain Finance
ICC guidance on Sustainability Linked Trade Finance
ICC’s ambition for Social Trade Finance
Stakeholders are invited to provide feedback during the open consultation period before the final release later this year. Read more here.
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