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 63 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 2023, Shinhan Bank reported total carbon emissions of approximately 14967000 kg CO2e for Scope 1 and about 54790000 kg CO2e for Scope 2, with a significant contribution from Scope 3 emissions, amounting to approximately 55986848000 kg CO2e. This data reflects a comprehensive approach to emissions reporting, covering all three scopes. Shinhan Bank has set ambitious reduction targets, aiming for a 46% reduction in its Scope 1 emissions by 2030 compared to 2019 levels. Additionally, the bank plans to achieve an 88% reduction in Scope 2 emissions by 2040, also relative to 2019. The bank has committed to reaching net-zero emissions by 2044, utilising a Paris Agreement-aligned scientific tool from the Science Based Targets initiative (SBTi) to guide its efforts. The bank's emissions data is sourced from Shinhan Financial Group Co., Ltd., ensuring a robust framework for accountability and transparency in its climate commitments. Shinhan Bank's initiatives reflect a proactive stance in addressing climate change, aligning with industry standards and expectations for financial institutions.
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| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Scope 1 | 14,086,500 | 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 |
| Scope 3 | 20,891,700 | 00,000,000,000 | 00,000,000,000 | 00,000,000,000 | 00,000,000,000 |
How Carbon Intensive is Shinhan Bank's Industry?
How Carbon Intensive is Shinhan Bank's Location?
Shinhan Bank's Scope 3 Categories Breakdown
Shinhan Bank's Scope 3 emissions, which increased by 2% 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.
Top Scope 3 Categories
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