Standard Chartered has strengthened its commitment to reducing greenhouse gas emissions by announcing a focus on methane emissions reduction.

This commitment aligns with the bank’s ambition to achieve net zero carbon dioxide-related emissions by 2050.

Methane, a potent greenhouse gas, is often overlooked but has a significant impact on global warming, estimated to be more than 25 times more potent than carbon dioxide.

The bank aims to set a baseline and identify science-based targets for sector-specific methane emissions by 2025. Moreover, this approach reflects a growing recognition within the industry of the need to address methane emissions, as highlighted in discussions at COP28.

Despite being a critical lever in mitigating climate change, monitoring and reporting of methane emissions are still in early stages. By focusing on methane emissions resulting from client activities, Standard Chartered aims to work alongside its clients to transition towards lower emissions practices.

Marisa Drew, chief sustainability officer at Standard Chartered, emphasised the importance, and stated: “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.”

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Its commitment to methane emissions reduction complements Standard Chartered’s existing net zero roadmap, demonstrating the bank’s commitment to tackling greenhouse gas emissions across its operations and with its clients.

Furthermore, Olea Global and Standard Chartered have formed a strategic partnership and formalised a memorandum of understanding (MOU) to boost SMEs.

It will spearhead the exploration of integrated strategies across several sectors and form supply chain solutions for Standard Chartered’s SME Banking clients.