Shinhan Bank

Shinhan Bank's reported carbon emissions

Shinhan Bank, headquartered in South Korea (KR), has established ambitious climate commitments, aiming for net-zero emissions by 2043. This goal is part of a broader strategy to reduce its carbon footprint significantly over the coming decades. For 2024, Shinhan Bank reported Scope 1 emissions of approximately 13.64 million kg CO2e and Scope 2 emissions of about 53.09 million kg CO2e. In 2023, Scope 1 emissions were approximately 14.97 million kg CO2e, with Scope 2 emissions totalling around 82.83 million kg CO2e. The previous year, 2022, saw Scope 1 emissions at approximately 14.70 million kg CO2e and Scope 2 emissions at approximately 85.38 million kg CO2e. Significant progress was made in 2021, when Scope 1 emissions were reported as approximately 15.18 million kg CO2e and Scope 2 emissions at about 86.01 million kg CO2e. In this year, Shinhan Bank also disclosed Scope 3 emissions, which amounted to approximately 50.86 billion kg CO2e. This included substantial contributions from investments (about 50.83 billion kg CO2e) and purchased goods and services (about 1.44 million kg CO2e). Looking back, 2020 emissions included Scope 1 at approximately 15.42 million kg CO2e and Scope 2 at about 81.39 million kg CO2e. Scope 3 emissions for 2020 were around 47.94 billion kg CO2e, largely driven by investments (approximately 47.91 billion kg CO2e). In 2019, Scope 1 emissions were approximately 14.09 million kg CO2e and Scope 2 emissions were about 76.11 million kg CO2e. Scope 3 emissions for 2019 were reported as approximately 20.89 million kg CO2e. Earlier data for 2018 indicates Scope 1 emissions of approximately 15.67 million kg CO2e and Scope 2 emissions of about 80.26 million kg CO2e. Shinhan Bank has set several key reduction targets aligned with climate science. Notably, the group aims to reduce its own carbon emissions by 46% by 2030 compared to 2019 levels for Scope 1 and Scope 2. Furthermore, a target of 88% reduction in Scope 2 emissions by 2040, also against a 2019 baseline, is in place. These targets are informed by methodologies from the Science Based Targets initiative (SBTi), which supports a 1.5°C warming scenario. The group is committed to achieving net-zero emissions internally by 2044, with some sources indicating a net-zero target for 2043. For financed emissions within their financial assets, Shinhan Bank plans reductions of 33.7% by 2030 and 59.5% by 2040, with a net-zero goal for financed emissions by 2050. The bank's climate initiatives include reviewing and expanding participation in eco-friendly financing and emission permit markets, promoting projects to secure Renewable Energy Certificates (RECs), purchasing green premium electricity, and investing in eco-friendly technologies.