Shinhan Bank
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 62 is higher than 80% 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 74,967,000 kg CO2e, comprising 14,967,000 kg CO2e from Scope 1, 54,790,000 kg CO2e from Scope 2 (market-based), and a significant 55,986,848,000 kg CO2e from Scope 3 emissions. The Scope 3 emissions primarily stem from investments, which accounted for about 55,960,623,000 kg CO2e. Shinhan Bank has set ambitious climate commitments, aiming for net-zero emissions by 2050. The bank plans to achieve this by reducing its internal carbon emissions by 5% annually, utilising scientific tools aligned with the Paris Agreement's 1.5°C scenario, as outlined by the Science-based Target Initiative (SBTi). This commitment applies to both Scope 1 and Scope 2 emissions. In addition to its long-term goals, Shinhan Bank is actively working to reduce financed emissions in the near term, targeting a 9.6% reduction by 2025. This initiative focuses on providing transition finance to carbon-intensive sectors, including power generation, chemicals, steel, and cement, to facilitate a shift towards low-carbon economies. The emissions data reported by Shinhan Bank is cascaded from its parent company, Shinhan Financial Group Co., Ltd., reflecting the bank's commitment to transparency and accountability in its climate strategy.
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| 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|
| Scope 1 | 10,604,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 2 | 61,628,000 | 00,000,000 | 00,000,000 | 00,000,000 |
| Scope 3 | 36,560,051,000 | 00,000,000,000 | 00,000,000,000 | 00,000,000,000 |
Industry emissions intensity
Location emissions intensity
Reduction initiatives & disclosure networks
Companies disclose and commit to reducing emissions to show they are serious about reducing emissions impact over time. They can also help a company track its progress over time.
Shinhan Bank is participating in some of the initiatives that we track. This may change over time as the company engages with new initiatives or updates its commitments. DitchCarbon will update this information as it becomes available.
