Shinhan Bank

Shinhan Bank's reported carbon emissions

Shinhan Bank, headquartered in KR and operating in financial intermediation services, is committed to climate action. In 2023, the bank reported total emissions of approximately 69.02 million kg CO2e, comprising about 14.22 million kg CO2e for Scope 1 and approximately 54.79 million kg CO2e for Scope 2. Scope 3 emissions, specifically from investments, amounted to about 50.060 kg CO2e. The bank has set ambitious targets, aiming for net-zero by 2050. This long-term goal is supported by a commitment to reduce internal carbon emissions by 5% annually, guided by the Science-based Target Initiative (SBTi) and aligned with the Paris Agreement's 1.5°C scenario. This includes both Scope 1 and Scope 2 emissions. Shinhan Bank also implements near-term strategies, with a near-term reduction target of 9.6% for financed emissions, applicable to both Scope 1 and Scope 2, to be achieved by 2025. To facilitate this, the bank provides transition finance to carbon-intensive sectors such as power generation, chemicals, steel, and cement, with the aim of realigning its portfolio towards low-carbon economies. It is noted that Shinhan Bank's climate data and targets are cascaded from its ultimate parent, Shinhan Financial Group Co., Ltd. Specifically, SBTi, CDP, and RE100 initiatives are sourced from Shinhan Financial Group Co., Ltd., with Shinhan Bank acting as a current subsidiary at cascade level 1 for these initiatives.