Broadening our ambition in greenhouse gas reduction
Standard Chartered enhances net zero roadmap with commitment to deliver methane (CH4) emissions reduction target. A methane target aligns with Standard Chartered’s focus on reducing carbon dioxide-related (CO2) financed emissions and supports the companies ambition to be net zero by 2050. The Group has committed to set a baseline and identify a science-based target for sector-specific methane emissions by 2025.
Following Standard Chartered’s 2023 Annual Report and in line with their position statements, they have updated there approach to greenhouse gas emissions reduction by turning their attention to the methane emissions resulting from client activities. This new target, applicable to the oil and gas sector, builds on best practice and the stated ambition of leaders in the industry to address methane emissions, as outlined at COP28.
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The monitoring and reporting of methane emissions remains nascent. When compared with the equivalent carbon dioxide emission profile, the impact of methane emissions is significantly higher, with estimates placing it at more than 25 times more potent, making it a critical lever in seeking to mitigate climate change. By taking action on methane-related emissions, Standard Chartered will work alongside its clients in transition to address a broader base of greenhouse gas emissions and seek outcomes that align with the Paris Agreement.
Commenting on the announcement, Marisa Drew, Chief Sustainability Officer, said:
“Addressing methane emissions is critical if we are to reduce the collective impact of greenhouse gases on our environment. As technology for monitoring and identification improves, and with demonstrable commitment from clients, we believe it is important to support and encourage the movement to new industry best practice with further accountability and transparency by setting targets that build on our existing decarbonisation efforts.”
The methane emissions reduction commitment complements the companies net zero roadmap
