Standard Chartered Commits to Reducing Methane Emissions
Standard Chartered is advancing its net zero roadmap by setting a methane (CH4) emissions reduction target.
This new target aligns with the bank's focus on reducing carbon dioxide (CO2) financed emissions and supports its goal to achieve net zero by 2050. The Group aims to establish a baseline and identify a science-based target for sector-specific methane emissions by 2025.
Following the release of the 2023 Annual Report and in accordance with its position statements, Standard Chartered has updated its approach to reducing greenhouse gas emissions.
The bank is now focusing on methane emissions from client activities, particularly in the oil and gas sector. This initiative builds on industry best practices and the commitments made by leaders at COP28 to address methane emissions.
Methane emissions monitoring and reporting are still developing. Methane's impact is much greater than that of carbon dioxide, with estimates suggesting it is over 25 times more potent. Addressing methane emissions is therefore crucial in mitigating climate change. By targeting methane, Standard Chartered will work with its clients to address a wider range of greenhouse gas emissions, aiming for outcomes that align with the Paris Agreement.
Marisa Drew, Chief Sustainability Officer, said: “Addressing methane emissions is critical if we are to reduce the collective impact of greenhouse gases on our environment. As technology for monitoring and identification improves, and with demonstrable commitment from clients, we believe it is important to support and encourage the movement to new industry best practice with further accountability and transparency by setting targets that build on our existing decarbonisation efforts.”
This commitment to reducing methane emissions complements Standard Chartered's net zero roadmap. For more information on the bank's net zero approach, read the recent methodological whitepaper at www.sc.com/netzeropaper.
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Source: Standard Chartered
