Standard Chartered has unveiled its Transition Plan, detailing the bank's approach to integrating climate considerations into its business operations and decision-making processes. The plan outlines how the bank aims to achieve net zero emissions across its financing activities by 2050 and within its own operations by 2025.
The Transition Plan is focused on Standard Chartered’s financed emissions, which are the emissions from high-emitting clients. This presents an opportunity for innovation and growth in sustainable finance solutions globally. Bill Winters, Group Chief Executive at Standard Chartered, emphasized the commercial potential of transitioning to a low carbon economy, stating: “As a global bank serving the cross-border needs of our clients, we’re clear that the transition to a low carbon economy presents a significant opportunity to accelerate sustainable and enduring growth across our markets."
Marisa Drew, Chief Sustainability Officer at Standard Chartered, highlighted the importance of supporting clients through transition challenges while maintaining focus on sustainable economic transformation: “The transition to a low carbon economy is both more compelling and crucial than ever.”
The Transition Plan aligns with guidelines from the Transition Plan Taskforce (TPT) and Glasgow Financial Alliance for Net Zero (GFANZ). It includes interim targets for 2030 set against twelve high-emitting sectors as per Net-Zero Banking Alliance Guidelines.
Dana Barsky, Global Head of Sustainability Strategy and Net Zero at Standard Chartered, noted the importance of scientific validation in their net zero programme: “In order to assure integrity in our process...the Bank has consciously chosen a science-based approach.”
The plan details governance frameworks around net zero calculations and client engagement strategies. The bank's commitment to sustainability is reflected in its recent financial results showing $982 million income from sustainable finance in 2024.