Breaking: Four top-tier banks, representing 25% of global trade volumes, endorse ICC Sustainable Trade Finance principles - Trade Treasury Payments

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Breaking: Four top-tier banks, representing 25% of global trade volumes, endorse ICC Sustainable Trade Finance principles

A coalition of leading international banks has formally endorsed the International Chamber of Commerce’s (ICC) Principles for Sustainable Trade Finance.

Commerzbank, ING, Santander, and Standard Chartered join a broader group of banks representing roughly 25% of the global trade finance market by volume. Their endorsement lends further credibility to the ICC’s push to embed environmental and social considerations within trade finance, which has long gone without a common sustainability benchmark.

Developed with support from Boston Consulting Group, the ICC Principles set out a structured methodology for identifying, evaluating, and reporting on sustainable trade finance transactions.

Philippe Varin, ICC Chair, said, “We welcome the endorsement of the ICC Principles for Sustainable Trade Finance by four leading banks. This is a strong signal of market alignment behind a common framework to scale sustainable trade finance in a practical, credible and commercially viable way. We look forward to more banks endorsing the ICC principles ahead of COP30 in November – sending a clear signal that trade is a core part of the solution to climate change.”

Launched in October 2024, the principles outline a framework for use-of-proceeds assessment, recommended due diligence protocols, and consistent reporting standards. These tools are intended to provide stakeholders with a credible means to channel capital into sustainable trade.

Comments from supporting banks

Pablo Ballesteros, Head of GTB Cross Solutions at Santander CIB, said, “At Santander CIB, we are committed to empowering our clients with innovative trade and working capital solutions aligned to their sustainability goals that promote resilience across global supply chains. To that end, we are happy to endorse the ICC principles, a landmark initiative in sustainable trade finance, and to continue to pave the way for more original solutions that deliver positive financial and sustainable impacts to businesses everywhere.”

Sofia Hammoucha, Global Head of Trade & Working Capital at Standard Chartered, said, “We are committed to offering our clients innovative solutions that empower them to achieve their sustainability goals while effectively managing associated risks. We applaud ICC for leading the way in setting the international guidelines for the industry and we look forward to continuing our partnership with them to shape the future of sustainable trade finance globally.”

Sven O. Schmidt, Head of International Trade Finance Operations at Commerzbank AG, said, “Commerzbank, as a leading bank for foreign trade particularly for Germany and Europe, welcomes the publication of ICC’s Principles for Sustainable Trade Finance and actively contributed to them. They are suitable for establishing a consistent approach among international market participants and are referenced in our ESG framework.”

Anthony van Vliet, Head of Product Management Trade, Transaction Services a ING Wholesale Banking, said, “These principles align with ING’s commitment to supporting clients in their transition to a more sustainable and resilient ecosystem. We will actively support further development of the framework into Social Trade Principles and further guidance for Sustainability Linked Supply Chain Finance.”

The ICC has indicated that further developments are underway, including efforts to formalise legal terminology and broaden the social dimension of the framework. The orgnisation expects an additional round of endorsements around Q3 2025.

Raelene Martin, ICC’s Head of Sustainability, said, “We are thrilled to welcome the banks’ endorsement of ICC’s Principles for Sustainable Trade Finance, which marks an important step in aligning the industry around common methodology for the assessment of sustainable trade finance. We are thankful for their tremendous support in providing thought leadership and guidance that is fit for purpose for industry globally. We believe that the ICC Principles for Sustainable Trade Finance present an important milestone in embedding sustainability at the heart of global trade in a practical and robust way.”

With the next iteration of the framework in progress and more endorsements anticipated ahead of COP30, momentum behind sustainable trade finance continues to build.