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Standard Chartered’s Ambitious Climate Strategy Standard Chartered has released its detailed Transition Plan, showcasing how the bank will integrate climate considerations into all aspects of its operations, aiming for net…
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Standard Chartered Sets 2050 Net Zero Goal with $300 Billion Sustainable Finance Plan
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Standard Chartered Sets 2050 Net Zero Goal with $300 Billion Sustainable Finance Plan
by ESG News
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February 27, 2025
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Bold Net Zero Targets: Net zero across financing by 2050 and operations by 2025.
First of Its Kind: The only Global Systemically Important Bank (GSIB) with external confirmation of net zero targets.
Financial Milestones: On track to generate over $1 billion in sustainable finance income by the end of 2024.
Standard Chartered’s Ambitious Climate Strategy
Standard Chartered has released its detailed Transition Plan, showcasing how the bank will integrate climate considerations into all aspects of its operations, aiming for net zero across financing activities by 2050 and operations by 2025. The plan underscores the bank’s commitment to maintaining its net-zero strategy while continuing to support high-emitting clients with sustainable finance solutions.
“The transition to a low carbon economy presents a significant opportunity to accelerate sustainable and enduring growth across our markets,” said Bill Winters, Group Chief Executive at Standard Chartered.
Bill Winters, Group Chief Executive at Standard Chartered
Staying the Course Amid Industry Shift
Unlike other major banks—such as Bank of America, Morgan Stanley, and JPMorgan—which have recently exited the Net-Zero Banking Alliance (NZBA), Standard Chartered remains committed to the coalition’s goals. The bank’s plan emphasizes tackling financed emissions, particularly those linked to high-emitting sectors.
“We believe Standard Chartered has an important role to play in supporting our clients and markets as they navigate complicated transition challenges,” added Marisa Drew, Chief Sustainability Officer.
Marisa Drew, Chief Sustainability Officer
Noteworthy Achievements:
Sustainable Finance Income: Generated $982 million in 2024, targeting $1 billion by 2025.
Sustainable Finance Mobilization: $121 billion mobilized from 2021 to 2024, aiming for $300 billion by 2030.
Innovative Carbon Budget: Established a 29% reduction target in absolute financed emissions for the oil and gas sector by 2030.
Science-Based Approach
Standard Chartered’s plan adheres to Paris Agreement goals, with EY confirming the accuracy of the bank’s targets across 12 high-emitting sectors, including Aluminium, Automotive, Cement, Oil & Gas, and Steel.
RELATED ARTICLE: Australia’s Origin Energy Announces Net Zero Emissions by 2050
“We’re pleased to say that Standard Chartered is the first GSIB to have such external confirmation of its targets,” noted Dana Barsky, Global Head of Sustainability Strategy and Net Zero.
Dana Barsky, Global Head of Sustainability Strategy and Net Zero
A Clear Path Forward
The Transition Plan outlines robust governance frameworks to ensure accountability, oversight, and alignment with net zero objectives, marking a significant step in translating commitments into action.
As the bank continues to integrate sustainability into its business model, its strategy of combining cross-border capabilities with wealth management expertise positions it as a key player in global sustainable finance.
Read the full report here.
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Topics
2050 Net Zero
Bill Winters
Dana Barsky
ESG
Marisa Drew
Standard Chartered
Sustainable Finance
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