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Standard Chartered announced new business targets for supporting its clients as they transition to a low carbon economy. By the end of 2024, the Bank commits to providing USD40 billion of project financing services for infrastructure that promotes sustainable development. Standard Chartered also intends to reduce its emissions across its global properties by 2030. In October 2018, the Bank created the Sustainable Finance team and has since launched sustainable deposit products in London, Singapore, Hong Kong and New York. In addition, a EUR500 million Sustainability Bond was also launched, the proceeds of which will be used to provide finance in areas aligned with the Sustainable Development Goals, including clean energy projects, smaller business lending and microfinance loans.