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Thu, February 3, 2022 | 00:48
Companies
Korea's financial groups enhance 'responsible banking'
Posted : 2019-09-23 17:05
Updated : 2019-09-23 17:41
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Shinhan Financial Group Deputy President Park Woo-hyuk, center, poses with U.N. Environment Program Finance Initiative (UNEP FI) head Eric Usher, left and UNEP FI Banking Team Lead Simon Dettling at the U.N. headquarters in New York, Sept. 22 (local time). Courtesy of Shinhan Financial Group
Shinhan Financial Group Deputy President Park Woo-hyuk, center, poses with U.N. Environment Program Finance Initiative (UNEP FI) head Eric Usher, left and UNEP FI Banking Team Lead Simon Dettling at the U.N. headquarters in New York, Sept. 22 (local time). Courtesy of Shinhan Financial Group

Shinhan, KB sign up for UN-led sustainability initiative

By Lee Kyung-min

Korea's two leading financial groups vowed their continued commitment to join global efforts toward a more sustainable finance system, the groups said Monday.

Shinhan Financial Group and KB Financial Group said the group's key executives attended a meeting held at the United Nations headquarters in New York, Sept. 22 (local time).

They were among the top officials from 130 financial services firms from around the world gathered to sign up for the Principles for Responsible Banking, a set of climate and sustainability principles under the U.N. Environment Program Finance Initiative (UNEP FI).

Under such principles, they exchanged and reaffirmed views on the need to boost communication and collaboration to institute measures that align with the Paris Agreement and contribute to the achievement of the United Nations Sustainable Development Goals.

The global financial leaders also agreed to increase their role as part of a key industry underpinning the world economy through services and strategies that bring about positive change in the world.

Shinhan Financial Group Chairman Cho Yong-byoung has since 2018 maintained close relationships with 30 noted global financial services firms including the Industrial and Commercial Bank of China; BNP Paribas in France; British multinational investment bank Barclays; and ING Group, a Dutch multinational banking and financial services firm.

Joining this "core group" was part of Shinhan Financial Group's efforts to promote profile on the global stage, in line with Cho's corporate vision expressed in a speech about "Transforming Banking," at last year's meeting where he emphasized inclusive and comprehensive growth.

Shinhan said it will continue efforts to achieve sustainable growth by tackling pressing issues that cannot be achieved with short-sighted views.

"Climate change, low growth and an aging society are all pressing matters that we need to fight together. We will continue to map out corporate strategies to have a positive impact on society, the environment and the economy," a Shinhan official said.

"This will create a positive cycle where the value of a company and that of society will be reinforced in a mutually beneficial manner."

Shinhan Financial Group Deputy President Park Woo-hyuk, center, poses with U.N. Environment Program Finance Initiative (UNEP FI) head Eric Usher, left and UNEP FI Banking Team Lead Simon Dettling at the U.N. headquarters in New York, Sept. 22 (local time). Courtesy of Shinhan Financial Group
KB Financial Group Risk Strategy Department Vice President Seo Nam-jong, left, holds a copy of the "Principles for Responsible Banking" under the U.N. Environment Program Finance Initiative (UNEP FI) with UNEP FI head Eric Usher at the U.N. headquarters in New York, Sept. 22 (local time). Courtesy of KB Financial Group

KB Financial Group said it was the first Korean financial services firm to be a signatory to the UNEP FI Collective Commitment to Climate Action, a treaty signed by 31 global financial entities.

The signing took place at the U.N. Climate Action Summit 2019 in New York, Sept. 23 (local time).

Participants at the summit discussed concrete, realistic plans to enhance their nationally determined contributions by 2020, in line with reducing greenhouse gas emissions by 45 percent over the next decade, and to reach net-zero emissions by 2050.

KB Financial has been boosting efforts to make positive contributions to climate change mitigation, part of which includes helping to set up guidelines involving the European Union taxonomy.

The move seeks to map out technical screening criteria, a methodology and examples for evaluating contributions to better tackle climate change in a broader move to not only help investors but also to hold banks to eco-friendly standards.

"We will continue to prioritize corporate values that will help make greater influence on both the young and old generation. The signing of the treaty is a step closer to becoming what we aspire to be," a KB official said.


Emaillkm@koreatimes.co.kr Article ListMore articles by this reporter



 
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