Commitment to reducing methane emissions
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 our focus on reducing carbon dioxide-related (CO2) financed emissions and supports our 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 our 2023 Annual Report and in line with our position statements, we have updated our approach to greenhouse gas emissions reduction by turning our 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.
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.