Standard Chartered Private Bank has launched a new review process for environmental, social and corporate governance (ESG) products to strengthen its fund selection process.

Known as ESG Select, the new evaluation process will be applied on all products that are intended to be marketed as ESG products on the Standard Chartered platform.

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By leveraging the new review process, the bank hopes to develop better wealth solutions for customers as sustainable investing is becoming a mainstream consideration for many investors.

“It is timely and critical that ESG products are properly evaluated to manage the potential negative impact of ESG risks and, at the same time, spot opportunities to drive positive impact,” the bank said in its press statement.

The bank explains that its methodology behind ESG Select is tailored to each asset class. The similar assessment process will be followed for funds and discretionary portfolio solutions, while bonds and structured products will be evaluated separately on different sets of benchmarks.

Standard Chartered commenced incorporating ESG scores into its wealth management investment advisory trade notes for equities and fixed income in the third quarter of last year.

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Standard Chartered Private Bank head of sustainable investing and strategic engagement Eugenia Koh said: “We have seen increased interest from many of our high-net-worth clients to include a sustainable element in their investment portfolio.

“Launching ESG Select will help us address green washing concerns and we are confident that our clients will benefit from a more rigorous and systematic investment decision journey.”