The agreement will allow Standard Chartered to balance CO2 emissions linked to its upstream logistics with Verified Emissions Reductions (VER) carbon credits, making it one of the first banks to use the DHL GoGreen Plus service globally.
The bank has committed to net zero in its own operations by 2025 and its financed emissions by 2050, and it is innovating with partners to make its supply chain more sustainable.
Through the cooperation, Standard Chartered is supporting DHL Express to scale the use of SAF, which can help to reduce lifecycle emissions by up to 80%.
The bank estimates that 3,780 tonnes of CO2e will be saved between 2024 and 2030.
It will receive a monthly report on the carbon footprint of its shipments as part of GoGreen Plus and quarterly certification of emissions reductions achieved by an independent auditor.
Standard Chartered was the first bank to adopt DHL Express’ GoGreen service, says Yung C. Ooi, Senior Vice President for Commercial, Asia Pacific at DHL Express.
He says, “The fact that we are offering the GoGreen Plus service through the use of SAF in our international network lays the foundation for this. We hope this agreement will inspire other companies to transition to low-emission transportation services using sustainable aviation fuel.”
Khuresh Faizullabhoy, Managing Director and Chief Operating Officer, Trade at Standard Chartered, adds, “Whilst the digitisation of trade documentation is progressing, through this agreement to scale the use of SAF with our logistics partner DHL Express, we will jointly drive down emissions that would otherwise be generated from this essential service. This is a win-win for our customers and in line with our own commitment to delivering net zero across Standard Chartered.”