Shinhan Bank

Shinhan Bank, a financial intermediation services company headquartered in South Korea, reported its latest carbon emissions for 2024. The total emissions were approximately 57.5 billion kg CO2e. This included Scope 1 emissions of approximately 13.6 million kg CO2e and Scope 2 emissions (market-based) of approximately 67.5 million kg CO2e. The largest portion of emissions came from Scope 3, particularly from investments, which amounted to around 204.1 billion kg CO2e.

Looking at previous years, in 2023, Shinhan Bank's total emissions were about 56.0 billion kg CO2e. In 2022, the total emissions were approximately 55.0 billion kg CO2e. For 2021, the total Scope 3 emissions were around 50.9 billion kg CO2e.

Shinhan Bank has set several climate commitments. It aims to achieve net-zero for all scopes by 2043 and by 2050. The bank plans to reduce its own carbon emissions (Scope 1 and Scope 2) by 46% by 2030 compared to a 2019 baseline. A more ambitious long-term target is an 88% reduction in its own carbon emissions by 2040, also against a 2019 baseline.

Specific to Scope 1 emissions, Shinhan Bank aims for a 42% reduction by 2030 and an 84% reduction by 2040, using a 2020 baseline and aligned with the Science Based Targets initiative (SBTi) 1.5°C scenario, targeting net-zero for internal emissions by 2044. For Scope 2 emissions, the bank also targets a 42% reduction by 2030 and an 84% reduction by 2040, with a net-zero goal by 2044. Additionally, Shinhan Bank is committed to reducing its financial assets' financed emissions (part of Scope 3) by 33.7% by 2030, and further by 59.5% and 83% by 2040 and 2050, respectively. These Scope 3 targets also align with SBTi's Sectoral Decarbonization Approach (SDA) based on a 2°C scenario.

Shinhan Financial Group, of which Shinhan Bank is a part, has set near-term SBTi targets classified as 1.5°C, with a target year of 2030 (and 2025 in another SBTi entry). These portfolio targets cover 20% of its investment and lending activities as of December 2020. All emissions and reduction target data are disclosed directly by Shinhan Financial Group Co., Ltd.