International banking group Standard Chartered announced that it achieved $982 million income generation from sustainable finance in 2024, growing by 36% year-over year.

Announced with the release of the bank’s 2024 annual report, the growth in sustainable finance income brings Standard Chartered within reach of its goal to reach $1 billion in annual income from sustainable finance by 2025.

The annual report highlighted key areas of sustainable finance growth over the past year, with the most significant increase in banking, with sustainable finance lending and financing solutions increasing to $507 million in 2024, up from $386 million the prior year. Additionally, the bank saw sharp growth in sustainable finance transaction services in 2024, rising by 58% in the year to $319 million, driven primarily by an 82% increase in payments and liquidity-based services.

Additionally, Standard Chartered reported progress towards its goal to mobilize $300 billion in sustainable finance by 2030, reaching $121 billion as of the end of 2024.

In the report, Standard Chartered Chief Sustainability Officer Marisa Drew said:

“The opportunity to finance the transition to a low carbon economy is more compelling and crucial than ever… The scope for further sustainable finance growth is significant as new technologies come online and as renewable capacity growth continues to outpace that of fossil fuels.”

Alongside the sustainable finance results, Standard Chartered also reiterated its commitments to its climate goals, including its target to reach net zero financed emissions by 2050, and released its inaugural transition plan, detailing its strategy to achieve its net zero goals.

Notably, Standard Chartered also released a goal to reduce emissions from capital markets activities for the oil and gas sector by 26.9% by 2030, establishing its first facilitated emissions target. Oil and gas makes up the majority of the emissions from Standard Chartered’s facilitation portfolio. The bank also has also announced an interim financed emissions target for the agriculture sector, with goals now in place for all 12 of its highest carbon emitting sectors.

Standard Chartered’s new net zero financing goals come as several of its peers have pulled back on finance goals or departed climate-focused initiatives. Earlier this month, HSBC announced that it was reviewing its 2030 financed emissions goals, and delaying its net zero target due to slow global transition progress.

On a call with analysts discussing its annual results, Standard Chartered CEO Bill Winters said that the bank sees continued demand by clients driven by their initiatives to decarbonize.

Winters said:

“Why are we so successful in the space? Because we focused on it, because our clients need us… Our clients are transition(ing) to net zero. That’s unabated despite some of the challenges.”