Shinhan Bank Sustainability Profile
Shinhan Bank, officially known as Shinhan Bank Co., Ltd., is a leading financial institution headquartered in Seoul, South Korea (KR). Established in 1897, it has evolved into a prominent player in the banking industry, offering a wide range of services including retail banking, corporate banking, and wealth management. With a strong presence in major operational regions across Asia and beyond, Shinhan Bank is recognised for its innovative financial solutions and customer-centric approach. The bank's core products, such as personal loans, savings accounts, and investment services, are designed to meet diverse client needs, setting it apart in a competitive market. Notably, Shinhan Bank has achieved significant milestones, including being one of the first Korean banks to expand internationally, solidifying its market position as a trusted financial partner.
DitchCarbon Score
How does Shinhan Bank's carbon action stack up? DitchCarbon scores companies based on their carbon action and commitment to reducing emissions. Read about our methodology to learn more.
Industry Average
Mean score of companies in the Financial Intermediation industry. Comparing a company's score to the industry average can give you a sense of how well the company is doing compared to its peers.
Industry Benchmark
Shinhan Bank's score of 62 is higher than 78% of the industry. This can give you a sense of how well the company is doing compared to its peers.
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Shinhan Bank's reported carbon emissions
In 2024, Shinhan Bank reported total carbon emissions of approximately 66.7 million kg CO2e, comprising 13.6 million kg CO2e from Scope 1 and 53.1 million kg CO2e from Scope 2 emissions. The bank's emissions for 2023 were approximately 97.8 million kg CO2e, with Scope 1 emissions at 14.9 million kg CO2e and Scope 2 emissions at 82.8 million kg CO2e. Notably, Shinhan Bank has set ambitious targets to reduce its internal carbon emissions by 42% by 2030 and 84% by 2040, aiming for net-zero emissions by 2044, as per the Science Based Targets initiative (SBTi) guidelines. In 2022, the bank's emissions were approximately 41.8 billion kg CO2e, with Scope 1 emissions at 5.1 million kg CO2e, Scope 2 at 32.8 million kg CO2e, and significant Scope 3 emissions of about 41.8 billion kg CO2e. The bank's commitment to sustainability is further reflected in its plans to reduce emissions by 46% by 2030 compared to 2019 levels, with a long-term goal of achieving net-zero emissions by 2043. Shinhan Bank's climate commitments are aligned with global standards, demonstrating a proactive approach to addressing climate change and reducing its carbon footprint across all scopes of emissions.
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| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|---|
| Scope 1 | 14,086,500 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 76,108,400 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 20,891,700 | 00,000,000,000 | 00,000,000,000 | - | - | - |
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Shinhan Bank's Scope 3 Categories Breakdown
Shinhan Bank's Scope 3 emissions, which increased by 6% last year and increased significantly since 2019, demonstrating supply chain emissions tracking. Nearly all of their carbon footprint comes from suppliers and value chain emissions, representing nearly all emissions under the GHG Protocol, with "Investments" being the largest emissions source at 100% of Scope 3 emissions.
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Shinhan Bank's Climate Goals (2030 & 2050)
Climate goals typically focus on 2030 interim targets and 2050 net-zero commitments, aligned with global frameworks like the Paris Agreement and Science Based Targets initiative (SBTi) to ensure alignment with global climate goals.
Shinhan Bank has established climate goals through participation in recognized frameworks and target-setting initiatives. Companies often set interim 2030 targets and long-term 2050 net-zero goals to demonstrate measurable progress toward decarbonization.
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Frequently Asked Questions
Common questions about Shinhan Bank's sustainability data and climate commitments