Standard Chartered has signed an agreement with DHL Express to use its GoGreen Plus service to help scale its use of sustainable aviation fuel (SAF).
The partnership supports the bank’s sustainability ambitions by balancing emissions linked to its upstream logistics with Verified Emissions Reductions (VER) carbon credits.
The two organisations will co-invest in SAF, enabling Standard Chartered to make strides towards its commitment to achieve net zero in its own operations by 2025 and in its financed emissions by 2050.
Inspiring other companies
Yung C Ooi, Senior Vice President for Commercial, Asia Pacific at DHL Express, explains: “The partnership between Standard Chartered and DHL has been going strong for more than two decades.
“It were the first bank to adopt our GoGreen service in 2011 and is now working with us to make international express shipping more sustainable.”
He adds: “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, said: “While 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.”
SAF is a biofuel made from plant or animal materials rather than fossil fuels. According to the World Economic Forum, it has the potential to cut aviation’s greenhouse gas emissions by up to 80% compared with traditional jet fuels.
Standard Chartered estimates that 3,780 tonnes of carbon dioxide equivalent 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 by an independent auditor of the emissions reduction achieved.
GoGreen Plus is part of DHL Group’s goal to achieve net-zero emissions by 2050. The air freight network accounts for around 90% of the company’s carbon footprint.