The BAFT Sustainability Working Group welcomed the International Chamber of Commerce’s (ICC) Standards for Sustainable Trade & Sustainable Trade Finance positioning paper published in November 2021. The roadmap is a positive development and moves the industry closer to agreement on a common standard that the industry can reference.
As a common standard begins to take shape, BAFT offers recommendation on how to strengthen the ICC’s proposal in order to ensure broad industry support and wide adoption.
The working group highlights several elements in its comments; first prioritizing equal weight to all elements of ESG beyond the environmental factor; second, acknowledging that standards must not only recognize positive activity, but also guide those involved towards what best practices or even minimum acceptable standards; and lastly, underpinning the development of any standard care must be take to be inclusive of the global nature of the business.
For a global sustainability standard to take hold, geographically diverse stakeholders must be an integral part of the development and adoption. Download the comment letter to read our latest recommendations, clarifications, and comments regarding sustainable finance and the ICC’s positioning.