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 finance, and wealth management. With a strong presence in both domestic and international markets, Shinhan Bank operates extensively across Asia and has expanded its footprint globally. The bank is renowned for its innovative financial products, such as digital banking solutions and tailored investment services, which cater to the diverse needs of its clientele. As a key member of the Shinhan Financial Group, Shinhan Bank has achieved significant milestones, including recognition for its customer service excellence and sustainable banking practices. Its commitment to technological advancement and customer satisfaction solidifies its position as a trusted leader in the financial sector.
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 53 is higher than 71% 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 2022, Shinhan Bank reported total carbon emissions of approximately 44,690,107,000 kg CO2e, with emissions distributed across all three scopes: 10,027,000 kg CO2e (Scope 1), 63,999,000 kg CO2e (Scope 2), and 44,690,107,000 kg CO2e (Scope 3). This represents a significant portion of their overall carbon footprint, with Scope 3 emissions being the largest contributor. Shinhan Bank has set ambitious climate commitments, aiming for net-zero emissions by 2050. The bank plans to achieve this by reducing internal carbon emissions by 5% annually, utilising scientific tools aligned with the Paris Agreement's 1.5°C scenario, as outlined in the Science-based Target Initiative (SBTi). This commitment applies to both Scope 1 and Scope 2 emissions. Additionally, to address financed emissions, Shinhan Bank is focusing on providing transition finance to carbon-intensive sectors, including power generation, chemicals, steel, and cement, with a target to reduce these emissions by approximately 9.6% by 2025. The emissions data reported by Shinhan Bank is cascaded from its parent company, Shinhan Financial Group Co., Ltd., reflecting a corporate family relationship that influences its sustainability initiatives and reporting practices.
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| 2020 | 2021 | 2022 | |
|---|---|---|---|
| Scope 1 | 10,604,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 61,628,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 36,560,051,000 | 00,000,000,000 | 00,000,000,000 |
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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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