Standard Chartered (the Group) announced ambitious new targets to reach net-zero carbon emissions from its financed activity by 2050, including interim 2030 targets for the most carbon-intensive sectors/
The Group’s approach is based on the best data currently available and aligns to the International Energy Agency’s Net Zero Emissions by 2050 scenario (NZE), according to a press release issued by the Group.
At present, whilst 33 of their 59 footprint markets do not have a commitment to reach net zero by 2050, they are setting out their plan for this timeline, recognising the pivotal role they can play in the transition, the press release reads, adding that many of these markets are currently reliant on carbon-intensive industries for their continued economic growth. “Achieving a just transition – one where climate objectives are met without depriving developing countries of their opportunity to grow and prosper – will require capital and specialised support.
The Group said that they are uniquely placed to help by directing capital to markets that have both the greatest opportunity to adopt low-carbon technology, and some of the toughest transition-financing and climate challenges.
Reduce the emissions associated with their financing activities to net zero by 2050, setting 2030 interim targets in their most carbon-intensive sectors, catalyze finance and partnerships to scale impact, capital and climate solutions to where they are needed most, including a plan to mobilise $300 billion in green and transition finance and accelerate new solutions to support just a transition in their markets, including a new dedicated Transition Acceleration Team to support clients in high-emitting sectors, and launch sustainable products are their three net-zero approaches.