GHG Emissions, Industrial, Sourcing Renewables - March 21, 2024
DHL Express, Standard Chartered Partner for SAF
DHL Express, an international express shipping company, signed a strategic partnership with cross-border bank Standard Chartered to co-invest in sustainable aviation fuel (SAF).
The agreement was signed for DHL Express's GoGreen Plus service. The two organizations agreed to co-invest in SAF, allowing Standard Chartered to balance CO2 emissions linked to its upstream logistics with high quality Verified Emission Reductions (VER) carbon credits.
Standard Chartered is among the first banks to use the DHL GoGreen Plus service globally and started on January 1, 2024.
The bank committed to net zero in its own operations by 2025 and in its financed emissions by 2050. It is also working with partners to make its supply chain more sustainable.
Through cooperation with DHL, Standard Chartered is supporting the logistics provider to scale the use of SAF, which can help lower lifecycle emissions of typical aviation fuel by up to 80%.
Standard Chartered expects to see its own related emissions lowered by up to 30% in year one against a 2019 baseline, with an expected incremental reduction of 7% year on year from 2025. The bank estimates that 3,780 tons CO2e will be saved between 2024 and 2030.
The bank 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.
"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", said Khuresh Faizullabhoy, Managing Director & Chief Operating Officer, Trade at Standard Chartered, in a statement. "Whilst the digitization 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."
In 2023, DHL Express launched the GoGreen Plus service, allowing customers to reduce the CO2e emissions associated with their air freight with the help of SAF. GoGreen Plus is made possible by three of the most significant SAF contracts with BP, Neste, and World Energy. SAF is made from alternative raw materials with a sustainable energy profile, including used cooking oil, waste and hydrogen. Conventional carbon-intensive aviation fuels or kerosene are derived from mineral oil.
GoGreen Plus is part of DHL Group's goal to achieve net-zero emissions by 2050.
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