(Reuters) – Standard Chartered on Thursday disclosed a detailed plan outlining its integration of climate considerations into its business operations, aiming for net zero targets across its financing activities by 2050 and its operations by 2025.
The plan comes a few days after the bank pledged to continue its net-zero strategy and reduce emissions associated with the bonds it sells for oil and gas industries, unlike other big lenders who are reevaluating their climate plans.
Major global banks such as Bank of America, Morgan Stanley, and JPMorgan have recently withdrawn from the Net-Zero Banking Alliance (NZBA), one of the leading climate coalitions in the banking sector.
Standard Chartered, though, continues to be a part of the alliance, which currently consists of 135 banks across 44 countries, as per the alliance’s website.
The company’s transition plan mainly targets Standard Chartered’s significant emissions, referred to as the bank’s financed emissions, which are associated with high-emitting clients.
(Reporting by Adwitiya Srivastava in Bengaluru; Editing by Vijay Kishore)
