Following the recent launch of a new Sustainable Time Deposit solution in the Asia-Pacific region, Citi client and life sciences and diagnostics company Agilent Technologies has booked the sustainability-focused deposit programme in Singapore to further its commitment to sustainability.
This is the first sustainability-linked deposit globally for Agilent to align its treasury operations with its 2050 net-zero commitment. Funds deposited into the bank’s Sustainable Time Deposit solution are allocated to finance or refinance assets in a portfolio of eligible green or social finance projects, based on criteria set in the Citi Green Bond, Social Finance, and Social Bond for Affordable Housing Frameworks, which support the United Nations’ Sustainable Development Goals (UNSDGs).
“Formalizing this sustainability deposit programme in Singapore demonstrates the company’s vision of advancing our ESG [environmental, social and governance] commitment, from net-zero emissions to the Science Based Targets initiative of 1.5 degrees Celsius,” says Sally Shung, Agilent’s associate vice-president, assistant treasurer for the Asia-Pacific and Europe, the Middle East and Africa regions. “Our goal is to maximize the positive impact of our business, contributing to the UNSDGs in a meaningful way. Agilent is always looking for opportunities to develop innovative sustainable financing solutions.”
Sandip Patil, Citi’s Asia-Pacific head of liquidity management services, treasury and trade solutions, adds: “Treasury teams are a strategic enabler for their businesses, and treasurers are playing an important role in driving sustainability.”