In 2024, Shinhan Financial Group completed a corporate carbon footprint assessment and publicly disclosed its greenhouse gas (GHG) emissions according to the GHG Protocol, covering Scope 1 (direct emissions from owned or controlled sources), Scope 2 (indirect emissions from purchased energy) and Scope 3 (indirect emissions across the value chain).
Shinhan Financial Group has also provided a category-level breakdown for 10 out of 15 Scope 3 emissions categories, offering greater transparency into its value chain emissions.
| Metric (tCO2e) | 2024 | 2023 | 2022 | 2021-2019 |
|---|---|---|---|---|
Total Scope 1 | 13,575.2a | 14,967a | 14,697a | |
Total Scope 2 | ||||
Market-Based | 53,934.2a | 54,790a | 86,382.7a | |
Location-Based | N/A | 82,831.5b | 85,382.7b | |
Total Scope 3 | 57,510,180.3a | 55,986,846.6a | 54,970,526.9a | |
Total Scope 1 Revenue Intensity (tCO2e/$M) | 1.1147a | 0.9801a | 1.0998a |
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In 2024, the total operational greenhouse gas (GHG) emissions of Shinhan Financial Group amounted to 67,509.4 metric tons of CO2 equivalent. This figure includes both direct emissions from owned or controlled sources (Scope 1) and indirect emissions from purchased energy (Scope 2).a
Compared to 2023, the total operational greenhouse gas (GHG) emissions of Shinhan Financial Group decreased by 30.97%, showing that the company has made progress in taking action to reduce the climate impact of its operations.ab
In 2024, the total Scope 1 emissions of Shinhan Financial Group were 13,575.2 metric tons of CO₂ equivalent (tCO₂e).a
Since 2021, Shinhan Financial Group's Scope 1 emissions have decreased by 10.55%, reflecting a declining long-term trend in Scope 1 emissions over time.ab
Compared to the previous year (2023), Shinhan Financial Group's Scope 1 emissions decreased by 9.3%, highlighting the company's efforts to lower direct emissions from assets it owns or controls.a
In 2024, Shinhan Financial Group reported Scope 2 greenhouse gas (GHG) emissions of 53,934.2 tCO₂e using the market-based method.a
In 2024, Shinhan Financial Group reported its Scope 2 emissions using the market-based method.a
In 2024, Shinhan Financial Group reported 57,510,180.3 metric tons of CO₂ equivalent (tCO₂e) of Scope 3 greenhouse gas (GHG) emissions, representing indirect emissions across its upstream and downstream value chain.a
The 2024 disclosure of Shinhan Financial Group includes a breakdown across 10 of the 15 Scope 3 categories defined by the GHG Protocol, matching the level of disclosure in 2023, demonstrating consistent Scope 3 emissions reporting coverage year over year.a
In 2024, Shinhan Financial Group reported total Scope 3 emissions of 57,510,180.3 metric tons of CO₂ equivalent (tCO₂e).a
Approximately 0.04% of these emissions originated from upstream activities such as purchased goods and capital goods, while 99.96% came from downstream activities like product use, distribution, and end-of-life treatment.a
Since 2021, Shinhan Financial Group's Scope 3 emissions have increased by 13.08%, reflecting a rising long-term trend in Scope 3 emissions over time.ab
Compared to the previous year (2023), Shinhan Financial Group's Scope 3 emissions remained relatively stable, indicating that Shinhan Financial Group's emissions have plateaued with no significant change in its value chain footprint.a
In 2024, Shinhan Financial Group reported emissions for 10 out of the 15 Scope 3 categories defined by the GHG Protocol.a
This reflects a high level of granularity and transparency in the company's emissions reporting.
In 2024, the largest contributors to Shinhan Financial Group's Scope 3 emissions were:a
In 2024, Shinhan Financial Group reported Scope 1 greenhouse gas (GHG) emissions of 13,575.2 tCO₂e and total revenues of USD 12,178 millions. This translates into an emissions intensity of 1.11 tCO₂e per millions USD.a
In 2024, Shinhan Financial Group reported a Scope 1 emissions intensity of 1.11 tCO₂e per millions USD. Compared to the peer group median of 0.82, this places the company above its industry benchmark, indicating it is less carbon-efficient than most competitors.a
In 2024, Shinhan Financial Group ranked 15 out of 25 companies in its industry peer group, based on Scope 1 emissions intensity (measured in tCO₂e per millions USD).a
Shinhan Financial Group is therefore positioned in the mid-range of its industry, neither a clear leader nor a laggard in carbon efficiency.a
In 2024, Shinhan Financial Group reported a total carbon footprint of 57,577,689.7 metric tons of CO₂ equivalent (tCO₂e) across Scope 1, Scope 2, and Scope 3 emissions. This represents a 2.66% increase compared to 2023, suggesting a rise in emissions across its operations or value chain.ab
The largest contributor to Shinhan Financial Group's total carbon footprint was Scope 3 emissions, accounting for 99.88% of the company's total carbon footprint, followed by Scope 2 emissions at 0.09%.a