The two organizations have agreed to jointly invest in Sustainable Aviation Fuel (“SAF”) to help Standard Chartered balance CO₂ emissions from its upstream logistics with high quality Verified Emission Reductions (VER) carbon credits.
- Standard Chartered is one of the first banks to utilize DHL’s GoGreen Plus service for promoting the use of sustainable aviation fuel
- The partnership assists the bank in achieving its sustainability goals by offsetting emissions from its upstream logistics with high quality Verified Emissions Reductions carbon credits
DHL Express, the leading international express shipping company, has formed a strategic partnership with Standard Chartered for DHL Express’s GoGreen Plus service. The organizations will co-invest in Sustainable Aviation Fuel (“SAF”) to help Standard Chartered offset CO₂ emissions from its upstream logistics with high quality Verified Emission Reductions (VER) carbon credits. Standard Chartered, starting January 1, 2024, is among the first banks to utilize the DHL GoGreen Plus service globally to balance CO₂ emissions from its upstream logistics with high quality Verified Emission Reductions (VER) carbon credits.
The bank has committed to achieving net zero in its own operations by 2025 and in its financed emissions by 2050. It is also collaborating with partners to make its supply chain more sustainable, including the DHL partnership. Through the partnership with DHL, Standard Chartered is assisting the logistics provider in promoting the use of SAF, which can reduce lifecycle emissions of typical aviation fuel by up to 80 percent compared to traditional jet fuel. The bank anticipates a reduction of up to 30 percent in its related emissions in the first year (against a 2019 baseline) and an expected annual reduction of seven percent from 2025. The bank estimates that it will save 3,780 tonnes CO₂ between 2024 and 2030. Additionally, it will receive a monthly report on the carbon footprint of its shipments as part of GoGreen Plus and quarterly certification of the emission reduction achieved by an independent auditor.The partnership between Standard Chartered and DHL, which has lasted for over two decades, has been strong. Standard Chartered was the first bank to adopt the GoGreen service in 2011 and is now collaborating with DHL to make international express shipping more sustainable.
Strong partnership for sustainable transport
“The partnership between Standard Chartered and DHL has been strong for more than two decades. They were the first bank to adopt our GoGreen service in 2011 and are now working with us to make international express shipping more sustainable.” explains Yung C. Ooi, Senior Vice President for Commercial, Asia Pacific, DHL Express.
“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.“
“As a leading provider of trade finance, our customers entrust us to handle their crucial trade & shipping documents to safeguard their business interests and ensure seamless transactional delivery“, says Khuresh Faizullabhoy, Managing Director & Chief Operating Officer, Trade at Standard Chartered.
“While the process of digitizing trade paperwork is advancing, by partnering with DHL Express to expand the use of SAF, we will work together to reduce emissions from this essential service, benefiting our customers and supporting our commitment to achieving net zero across Standard Chartered.“
The target is to reach net-zero emissions by 2050.
In 2023, DHL Express introduced the GoGreen Plus service, enabling customers to decrease CO₂ emissions related to their air freight using SAF.SAF is produced from alternative sustainable resources, such as used cooking oil, waste, and hydrogen, and is the key to the GoGreen Plus service offered by DHL Express. This sustainable aviation fuel is obtained from raw materials with a more sustainable energy profile, unlike conventional carbon-intensive aviation fuels derived from mineral oil or kerosene.
The GoGreen Plus initiative is part of DHL Group's efforts to achieve net-zero emissions by 2050, with a focus on reducing the carbon footprint of the air freight network, which currently makes up about 90 percent of the company’s overall carbon footprint.
