High-emitting industries receive initial Transition Plan and net-zero objectives from our website.
In a significant stride towards a sustainable future, the bank announced the publication of its Transition Plan and net-zero pathways for three carbon-intensive industries: Coal Mining, Cement, and Shipping.
The announcement, made on October 10, 2023, also marked the formation of a Nature Advisory Panel to assess nature-related risks. This panel will explore potential risk indicators for enhancing focus on nature and biodiversity.
The Transition Plan outlines a three-pronged approach for implementation: financing clean energy technologies, engaging with high-emitting clients, and phasing out business with not-to-abate industries. The plan is available for download on the bank's website, along with additional graphics and information.
The bank is making substantial progress in its climate goals. It is on track to meet its target of a 46% reduction in Scope 3, category 1-14 emissions by 2030. Moreover, 55% of the bank's € 107 billion corporate loan portfolio's financed emissions are now covered by net-zero pathways.
The bank has also made significant strides in reducing its own emissions. Since 2019, Scope 1 and 2 emissions have been reduced by 64%, with a target of 100% renewable energy usage by 2025. The bank aims to reduce total energy consumption from 20% to 30% by 2025 compared to the 2019 baseline for its own operations.
The bank's strategy includes expanding decarbonization efforts in financed emissions in additional industry sectors according to the guidelines of the Net-Zero Banking Alliance. However, the precise net-zero targets for the coal mining, cement, and shipping sectors in the bank’s corporate loan portfolio are not detailed in the provided search results.
The aviation sector's net-zero target will be published after the Rocky Mountain Institute's alternative net-zero-aligned decarbonization pathway in January 2024. The Shipping sector has a target of achieving scope 1 scoring of 0% by 2030 and 2050 based on the Poseidon Principles Portfolio Level Alignment Score. The Coal Mining sector has a target of a 49% reduction in Scope 3 financed emissions by 2030 and a 97% reduction by 2050.
The bank aims to engage with public and private bodies to determine methodologies and priorities to support the reduction of emissions from residential real estate. It is also encouraging 80% of its total vendor spend to submit greenhouse gas emissions to the Carbon Disclosure Project (CDP) by 2025.
While many banks have committed to net zero by 2050 and may set sector-specific targets, the specific net-zero targets for the coal mining, cement, and shipping sectors within the bank’s corporate loan portfolio are not detailed in the provided search results. To obtain this, consulting the bank’s full Transition Plan document or detailed sustainability disclosures would be necessary.
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The bank's Transition Plan includes a three-pronged approach to reduce carbon-intensive industries, focusing on clean energy technologies, client engagement, and phasing out business with not-to-abate industries.
The bank's Nature Advisory Panel will evaluate nature-related risks to enhance the focus on biodiversity and risk management.
The bank has set a target of 100% renewable energy usage for its own operations by 2025, aiming to reduce energy consumption by 20-30% from 2019 levels.
The specific net-zero targets for the coal mining, cement, and shipping sectors within the bank’s corporate loan portfolio are not detailed in the provided search results, but can be found in the bank’s full Transition Plan document or detailed sustainability disclosures.
