ICC Standards for Sustainable Trade & Sustainable Trade Finance: Update and Invitation to Pilot
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How to assess the sustainability of trade operations?
Following extensive work under the auspices of the ICC Global Banking and Environment & Energy Commissions, the International Chamber of Commerce (ICC) has released an invitation to banking institutions, corporates and technology providers to pilot its Wave 1 Framework for standards in sustainable trade and sustainable trade finance.
The objectives of the framework are to define sustainable trade and sustainable trade finance, develop a framework that can be used to measure and assess the sustainability of international trade and support the industry to adopt and iterate this framework.
This call for action is set out in advance of the launch and release of the full Wave 1 Framework envisaged at UN Climate Change Conference COP27 in Sharm el-Sheikh, Egypt in November 2022, which will also include pilot partners that we hope to onboard between now and then.
The document provides an overview of the important work done over the past months, building on the positioning paper published at COP26 last year as well as an extensive consultation – involving more than 200 institutions – on the comprehensiveness, utility and value of the initial proposal. The document also outlines the approach for institutions to test the application of the framework from November 2022 until January 2023 as well as the opportunity for technology-focused pilots aimed at providing digital, automated and comprehensive aspects to implement the framework.
Following this initial pilot phase, ICC will publish its findings and will work to iterate the framework towards a target state.
How can you sign up to join the ICC pilots?
Please contact STFDpilot@iccwbo.org for any further information as well as to express your interest in either the bank & corporate or technology pilots. We will be looking to recruit pilot partners between now and COP27 and have an internal kick-off call in advance of the COP27 conference between ICC and pilot partners.
