Shinhan Bank

Shinhan Bank, headquartered in South Korea and operating in the financial intermediation services sector, reported total carbon emissions of approximately 57.5 billion kg CO2e in 2024. This total includes Scope 1 emissions of approximately 13.6 million kg CO2e and Scope 2 (market-based) emissions of about 67.5 million kg CO2e. The bank also disclosed comprehensive Scope 3 emissions, including substantial "investments" at approximately 204.1 billion kg CO2e, "fuel and energy related activities" at about 13.1 million kg CO2e, and "employee commute" at approximately 8.3 million kg CO2e.

Looking back, in 2023, Shinhan Bank's total carbon emissions were approximately 56 billion kg CO2e. This comprised Scope 1 emissions of around 15 million kg CO2e, Scope 2 (market-based) emissions of about 69.8 million kg CO2e, and Scope 3 investments of approximately 220.3 billion kg CO2e. In 2022, the total emissions were approximately 55 billion kg CO2e, with Scope 1 at about 14.7 million kg CO2e, Scope 2 (market-based) at around 100.1 million kg CO2e, and Scope 3 investments at approximately 222.3 billion kg CO2e. In 2021, the bank reported Scope 1 emissions of about 15.2 million kg CO2e, Scope 2 (market-based) emissions of approximately 86 million kg CO2e, and total Scope 3 emissions of roughly 50.9 billion kg CO2e, with investments accounting for approximately 50.8 billion kg CO2e.

Shinhan Bank has established several ambitious climate commitments. It aims for net-zero across all scopes by 2043 or 2050. For its own operations (Scope 1 and 2), Shinhan Bank plans to reduce carbon emissions by 46% by 2030 compared to a 2019 baseline. More specifically, for Scope 1 emissions, the target is an 88% reduction by 2040 from 2019 levels. For Scope 2 emissions, the goal is also an 88% reduction by 2040 from 2019 levels. Additionally, based on the Science Based Targets initiative (SBTi) 1.5°C scenario, the bank aims to reduce its internal carbon emissions (Scope 1) by 42% by 2030 and 84% by 2040, targeting net-zero by 2044. Similar targets apply to Scope 2 emissions, with a 42% reduction by 2030 and 84% by 2040. For Scope 3 financed emissions, the bank plans to reduce them by 33.7% by 2030, 59.5% by 2040, and 83% by 2050, aligning with the SBTi Sectoral Decarbonization Approach (SDA) based on the 2°C scenario. Shinhan Bank's near-term targets for Scope 1 and 2 have been approved by the SBTi as consistent with a 1.5°C warming scenario, covering 20% of its investment and lending activities as of December 2020. All emissions and reduction targets are reported directly by Shinhan Financial Group Co., Ltd.