KATHMANDU, OCTOBER 31

Standard Chartered (the Group) has announced ambitious new targets to reach net-zero carbon emissions from its financed activity by 2050, including interim 2030 targets for the most carbon-intensive sectors.

The group's approach is based on the best data currently available and aligns to the International Energy Agency's Net Zero Emissions (NZE) by 2050 scenario.

'Whilst 33 of our 59 footprint markets do not at present have a commitment to reach net zero by 2050, we are setting out our plan for this timeline, recognising the pivotal role we can play in the transition,' as per a media release.

The group is targeting 2030 reductions in revenue-based carbon-intensity (that is, the quantity of greenhouse gas emitted by our clients per USD of their revenue) of 63 per cent for power, 33 per cent respectively for steel and mining (excluding thermal coal mining), 30 per cent for oil and gas.

A version of this article appears in the print on November 1, 2021, of The Himalayan Times.