Headlines
StanChart pledges to cut emissions linked to oil and gas bonds
Published by Global Banking and Finance Review
Posted on February 21, 2025
2 min readLast updated: January 26, 2026
Global Banking and Finance Review
Company
Published by Global Banking and Finance Review
Posted on February 21, 2025
2 min readLast updated: January 26, 2026
Standard Chartered plans a 26.9% emissions reduction from oil and gas bonds by 2030, maintaining its net-zero commitment.
By Virginia Furness
LONDON (Reuters) - Standard Chartered on Friday pledged to cut the emissions linked to the bonds it sells for oil and gas companies and will press ahead with its net-zero strategy, in contrast with other lenders who are reassessing their climate plans.
The London-listed bank plans to reduce by 26.9% the polluting emissions associated with bond deals it arranges for oil and gas companies by 2030, it said as it announced an 18% annual profit jump and $1.5 billion share buyback.
Most large banks have targets for reducing emissions associated with their lending, but only a handful have set so-called facilitated emissions. Campaigners have long pushed banks to set them across polluting industries and Standard Chartered's new target is only for oil and gas.
Standard Chartered CEO Bill Winters told analysts the bank remained committed to reaching net-zero by mid-century and that clients were not slowing efforts to decarbonise.
"Why are we so successful in the space? Because we focused on it, because our clients need us," he said, adding that the strategy was very profitable for the bank.
"Our clients are (in) transition to net zero. That's unabated despite some of the challenges."
The bank's sustainable finance business brought in almost $1 billion in income last year, Winters said.
Efforts to foster climate action in the financial industry have been shaken recently, including HSBC's announcement this week that it was delaying its net-zero emissions target by 20 years to 2050, the same as Standard Chartered.
HSBC said it would review its financed emissions targets and policies as part of a broader overhaul of its climate strategy in 2025.
Standard Chartered, which focuses on developing countries, will continue to help fossil fuel producers to raise funding but has also published its first transition plan, detailing progress to net zero and how it will help clients to do the same.
(Reporting by Virginia Furness; Additional reporting by Selina Li in Hong Kong; Editing by David Goodman)
Standard Chartered plans to reduce the emissions linked to oil and gas bonds by 26.9% by 2030.
The bank is committed to reaching net-zero emissions by mid-century and continues to support clients in their decarbonisation efforts.
The sustainable finance business generated almost $1 billion in income last year, highlighting its profitability.
While Standard Chartered is moving forward with its net-zero strategy, HSBC has delayed its target by 20 years to 2050.
The bank has published its first transition plan, detailing its progress towards achieving net-zero emissions.
Explore more articles in the Headlines category
