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Jakarta Post

Securing the social license to operate

  • Judy Hsu
    Judy Hsu

    Chief executive officer of Standard Chartered, Singapore and ASEAN Markets

Singapore   /   Thu, November 30, 2017   /  02:54 pm
Securing the social license to operate A teller on a bank. Because banks are able to influence capital allocation by assessing and managing risks, the industry is well positioned to play a bigger role in the development of sustainable finance. (Shutterstock/File)

Asia has achieved remarkable growth and prosperity over the past decades. It is not without costs though. Part of the region’s rapid expansion happened at the expense of its environment and scarce natural resources. To ensure that our economies can continue to develop and grow sustainably, we need to continuously ask ourselves: What intervention do companies have to make today to be operating years from now? For many companies, there is a constant balance between generating growth and returns, and minimizing negative impact on the environment, health and safety. Instead of turning away companies that cause stress to the environment and community, a more practical solution is for governments and banks to work with them to meet sustainable standards. Because banks are able to influence capital allocation by assessing and managing risks, the industry is well positioned to pla...

Disclaimer: The opinions expressed in this article are those of the author and do not reflect the official stance of The Jakarta Post.