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Shinhan Financial chair elected as UNEP FI leadership council member
Shinhan Financial Group Chairman Cho Yong-byoung speaks during the Marrakech Partnership, an event held on the sidelines of COP26 in Glasgow, Scotland, Nov. 3. Courtesy of Shinhan Financial Group
By Lee Kyung-min
By Lee Kyung-min
Shinhan Financial Group Chairman Cho Yong-byoung has been elected as a member of the Leadership Council under the United Nations Environment Programme Finance Initiative (UNEP FI), the group said Thursday.
Cho is the first Asian member of the council, an official partnership organization established by UNEP FI for global financial firms to better fulfill their responsibilities and address environmental issues, following the 2021 United Nations Climate Change Conference (COP26) in Glasgow, Scotland.
UNEP FI is a public-private partnership between UNEP and the financial sector participated in by 450 global financial services firms and organizations. Their shared objective is to respond to climate change and expand environmental, social and corporate governance (ESG) management.
The council is chaired by Inger Andersen, the under-secretary-general of the United Nations and executive director of UNEP, with its ambassadors including CEOs of 19 global financial firms such as Allianz, AXA, BNP Paribas, Banco Bilbao Vizcaya Argentaria (BBVA) and Westpac.
The first meeting of the council will be held virtually Nov. 24 at 10 p.m. (KST) to discuss ways to advance the transition to green financial service providers, starting with opening remarks by U.N. Secretary-General Antonio Guterres.
Cho said his participation in the UNEP's leadership committee is a clear indication of how the financial group is recognized as a top leader.
“We will think deeply about the role of finance in the era of carbon neutrality and try to further strengthen ESG management, as illustrated by our slogan: Do the Right Thing for a Wonderful World,” he said.
He gave a presentation on the group's measures to reduce carbon emissions, at COP 26, Nov. 9 (local time), the second event where the group's future green growth strategy was outlined following one on Nov. 3.