Global banking group Standard Chartered has recently revealed that it has updated its key value chain emissions reductions goals.
ESG Today said this replaces its prior intensity-based oil and gas sector financed emissions reduction target with a new commitment to reduce absolute emissions from its activities in the sector.
The company has set a goal to reduce emissions associated with its finance activities by 2050. Back in 2021, the bank announced interim goals for several of the most carbon intensive sectors that it finances – such as including an absolute reduction target for thermal coal mining.
Under the firm’s new target, it aims to reduce absolute emissions by 29% by 2030. The prior target called for a 30% reduction in revenue-based carbon intensity for the sector.
Standard Chartered also clarified its position on the role of natural gas in the energy transition, stating the importance of supporting its oil and gas clients through the transition, and the need to balance energy sustainability, security and resilience considerations.
The bank also said that while it will “prioritise renewable or green energy sources wherever practical,” in settings that do not allow for a direct green transition, it will support lower emissions intensity alternatives, with natural gas, including LNG, playing a role in the reduction of overall emissions.
Standard Chartered chief sustainability officer Marisa Drew said, “This is an important step towards delivering on our net zero commitment. Setting this absolute sector target and supporting our clients in their transition journey are critical sustainability priorities for Standard Chartered.
“We believe that setting a defined intermediate goal for our oil and gas financed emissions will best help us to accelerate the energy transition, while ensuring that the transition accompanies economic development and the orderly adoption of new green solutions in our markets.”
Elsewhere in the ESG space, professional services business KPMG teamed with Context Labs to launch solutions aimed at helping firms measure and reduce their environmental footprints.
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