Climate Change Data

Shinhan Financial Group

Climate Impact & Sustainability Data (2022)

Reporting Period: 2022

Environmental Metrics

Total Carbon Emissions:100,080 tCO2e/year (Scope 1 & 2)
Scope 1 Emissions:14,697 tCO2e/year
Scope 2 Emissions:85,383 tCO2e/year
Scope 3 Emissions:50,982,536 tCO2e/year (financed emissions)
Renewable Energy Share:Not disclosed
Total Energy Consumption:21,960 TOE/year
Water Consumption:Not disclosed
Waste Generated:Not disclosed
Carbon Intensity:20.8 tCO2eq/KRW 100 million (2022)

ESG Focus Areas

  • Climate Change

Environmental Achievements

  • Reduced Scope 1 and 2 emissions from 101,188 tCO2eq in 2021 to 100,080 tCO2eq in 2022. Achieved a 33.7% reduction in financed emissions by 2030, aiming for net-zero by 2050.
  • Joined RE100 to reduce internal carbon emissions.

Social Achievements

  • Not disclosed

Governance Achievements

  • Established a climate change governance system extending to the board of directors, management, executives, and working teams.
  • Incorporated climate change issues into CEO evaluation (green financial performance, Scope 1 & 2 emissions, Scope 3 emissions).

Climate Goals & Targets

Long-term Goals:
  • Net-zero emissions by 2050
Medium-term Goals:
  • 33.7% reduction in financed emissions by 2030
Short-term Goals:
  • Not disclosed

Environmental Challenges

  • Transition risks (policy and legal, technology, market, reputation), Physical risks (acute and chronic)
  • Data uncertainties in emissions information for Land-Use, Land-Use Change, and Forestry (LULUCF).
Mitigation Strategies
  • Developed a financed emissions measurement system and database.
  • Developed a physical risk analysis methodology benchmarking the ECB's approach.
  • Developed a carbon pricing strategy for Scope 1, 2, and 3 emissions.
  • Set exposure limits for carbon-intensive industries.
  • Regularly identifies areas of vulnerability to climate change based on information from investment and lending companies.

Supply Chain Management

Supplier Audits: Not disclosed

Responsible Procurement
  • Not disclosed

Climate-Related Risks & Opportunities

Physical Risks
  • Heavy rain, typhoons, floods, other acute and chronic physical risks
Transition Risks
  • Policy and legal, technology, market, reputation risks
Opportunities
  • Green finance, transition finance, renewable energy investments

Reporting Standards

Frameworks Used: TCFD

Certifications: Null

Third-party Assurance: Lloyd's Register

UN Sustainable Development Goals

  • Not disclosed

Not disclosed

Sustainable Products & Innovation

  • Green Energy Factoring, Second Green Remodeling Loan, New and Renewable Energy Fund

Awards & Recognition

  • Not disclosed