Read more about the Bank’s targets and rationale in the full 2022 Principles for Responsible Banking report:
Communicating our ESG progress so far
We have long been committed to holding ourselves to the highest possible standards in order to do the right thing both for our clients and society – embedding Environmental, Social and Governance (ESG) principles into everything we do and ensuring a just and fair transition.
In July 2023 we published our 2022 Principles for Responsible Banking Report, communicating our progress so far and defining ESG targets to be reached by 2024. Our targets cover environmental lending, social lending and the origination of ESG investment products and sustainable bonds.
In particular, we have defined the following climate mitigation targets for 2030:
- A 29% reduction in Scope 3 Category 11 CO2 emissions financed in the oil and gas sector
- A c. 47% reduction in Scope 1 emissions intensity financed in the power generation sector
- A c. 41% reduction in Scope 3 Category 11 emissions intensity financed in the automotive sector
We will continue to work towards achieving our targets, with a focus on the highest-impact sectors, climate change mitigation and financial health and inclusion. Our net zero path will now add new industry sectors and begin defining relevant targets for those – with ongoing monitoring to ensure all targets are met.
Our publication of this report is a demonstration of our commitment to leading by example and embedding ESG in everything we do for a just and fair transition. We have worked to define targets that will drive meaningful results for our climate and communities and will be relentless in pursuing them while continually expanding and refining our approach."
Head of Group Strategy & ESG