Standard Chartered Plc said on Friday it has changed its target for curbing carbon emissions associated with its loans to oil and gas companies, ditching a methodology that critics say allows climate-damaging emissions to rise.
The Standard Chartered bank logo is seen at its headquarters in London, Britain, July 26, 2022. REUTERS/Peter Nicholls/File PhotoHad previously used a revenue-based targetLONDON, April 28 - Standard Chartered Plc
Emissions intensity measures carbon emissions as a percentage of business activity, such as revenue. As a result, carbon emissions can increase in absolute terms even when emissions intensity goes down, because businesses can become more efficient in reducing emissions and still emit more in total when their activity goes up.
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