Standard Chartered has unveiled its ambitious climate strategy, committing to net zero across all financing activities by 2050 and its operations by 2025. As the first Global Systemically Important Bank (GSIB) to receive external confirmation of its net zero targets, the bank is setting a new standard for climate action in the financial sector.
The bank’s Transition Plan outlines a clear path toward sustainability, focusing on reducing emissions in high-emitting sectors such as oil, gas, and steel. “The transition to a low-carbon economy presents a significant opportunity for sustainable growth,” said Bill Winters, Group Chief Executive of Standard Chartered.
In its pursuit of these targets, Standard Chartered remains committed to the Net-Zero Banking Alliance (NZBA), even as other major banks have stepped away from the coalition. “We believe Standard Chartered has an important role to play in supporting our clients as they navigate the complexities of this transition,” added Marisa Drew, Chief Sustainability Officer.
Key milestones include:
- $982 million in sustainable finance income in 2024, targeting $1 billion by 2025.
- $121 billion mobilized in sustainable finance between 2021 and 2024, with a goal of $300 billion by 2030.
- A target to reduce financed emissions in the oil and gas sector by 29% by 2030.
This plan, supported by external validation from EY, aligns with the Paris Agreement goals and positions Standard Chartered as a leader in sustainable finance.
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