- Standard Chartered CEO Bill Winters said green investing can have a positive impact on business, rejecting the influence of the US movement against mission-driven investing.
- His comments come as investing based on environmental, social and governance (ESG) factors has become a politically polarizing issue.
- “I mean, I want to wake up one day and have a planet. So when you wake up, shoot me,” Winters told CNBC's “Squawk Box Europe.”
Bill Winters, CEO of Standard Chartered Bank, will attend a panel session at the World Government Summit in Dubai on February 12, 2024.
Ryan Lim | AFP | Getty Images
Standard Chartered CEO Bill Winters said green investing can have a positive impact on business, rejecting the influence of the US movement against mission-driven investing.
His comments come as investing based on environmental, social and governance (ESG) factors has become a politically polarizing issue.
In the United States, for example, Republican lawmakers have denounced ESG as a form of “woke capitalism” that seeks to prioritize liberal goals over investment returns.
But Democratic lawmakers are calling for a backlash, calling the attacks on various ethically responsible business practices “an attempt to manufacture a culture war and protect corporate special interests.”
Analysts expect the outcome of this year's U.S. presidential election to determine whether the political backlash against ESG will have a deep and lasting impact.
“Obviously, the political environment in the United States is 10 times more toxic, and that's why people are silent. But one of my favorite statistics is that the largest renewable power center in the United States is in Texas, right? It's Texas. It's the state that's leading the attack on pension fund managers who have a 'woke' agenda or something,” Winters said Friday on CNBC's “Squawk Box Europe.”
“I mean, I want to wake up one day and have a planet, so if that wakes you up, shoot me.”
The backlash against climate change policies is not just a US issue. In Europe, signs of a green backlash are beginning to surface as companies and citizens feel the costs of the energy transition.
Asked if he was concerned that companies would scale back their sustainability efforts, Winters said: “I don't think there's going to be a major setback.”
The CEO said his company had “continuously refined” its net-zero methodology since setting its dual trajectory target in recent years.
The bank, which focuses on emerging markets, aims to achieve net-zero carbon emissions internally by 2025 and net-zero emissions from lending by 2050.
A sign on the roof of the Standard Chartered Plc headquarters building in Hong Kong, China, Monday, February 19, 2024.
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“We have said that we will be thought leaders and action leaders when it comes to net zero policy, and our clients are fully engaged with us. We’re not going to back down,” Winters said.
“And secondly, we said we're going to build a business that supports our clients. That business made $720 million last year and we said we're going to make $1 billion next year. It's not nothing. This is good business for us,” he said.
“If we can't make a reasonable profit in this business, we can't continue to put resources into it to a certain extent. This isn't charity. This isn't a political awakening. This is about doing the right thing for the planet.” “Do what's right for your business. That's what we do, and I don't see anyone else backing down from that.”
Standard Chartered's share price has fallen about 3.8% since the beginning of the year.
