Yi Whan-woo is a Korea Times journalist primarily covering finance. He writes in-depth articles on macroeconomy and financial markets and previously covered sports, politics, diplomacy and inter-Korean affairs, among others. Feel free to contact him at yistory@koreatimes.co.kr.
Shinhan Financial chairman discusses climate change with UK environment minister
Shinhan Financial Group Chairman Cho Yong-byoung, second from right, poses with with U.K. Minister for the Pacific and the Environment Zac Goldsmith, second from left, and U.K. Ambassador to Korea Colin Crooks, left, during their meeting at the group's headquarters in central Seoul, May 6. The meeting took place on the occasion of Goldsmith's Korea visit for the World Forestry Congress held from May 2 to 6. Courtesy of Shinhan Financial Group
By Yi Whan-woo
By Yi Whan-woo
Shinhan Financial Group Chairman Cho Yong-byoung met with U.K. Minister for the Pacific and the Environment Zac Goldsmith and discussed the role of financial services companies of the private sector in tackling climate change and protecting biodiversity, the company said Sunday.
It said the meeting took place last week on the occasion of Goldsmith's attendance at the World Forestry Congress 2022 in Seoul.
The congress is the world's largest forestry-related event, held every six years. The British minister was in charge of issues related to forest preservation when the U.K. hosted the 26th U.N. Climate Change Conference, or COP26, in Glasgow in November 2021.
“Minister Goldsmith has been drawing solidarity from various interest groups around the world, such as governments, investors and enterprises, on running global campaigns and raising funds for environmental protection,” Shinhan Financial Group said in a press release.
It said that Cho introduced a wide range of efforts being made by Korea's second-largest banking group in tandem with the U.N campaign on green growth and sustainable development.
The chairman touched on the progress of the company's “Zero Carbon Drive” vision after it was announced in November 2020 that it would fulfill the U.N.'s goal of carbon neutrality by 2050.
Shinhan Financial Group was the first in East Asia's financial industry publicly to announce its commitment to cut its greenhouse gas emissions to zero.
The company has observed criteria outlined by the Science Based Targets initiative (SBTi), a U.N.-convened alliance of global banks, in its push to reduce the carbon footprint resulting from its direct operations or energy consumption by 46 percent by 2030, and 88 percent by 2040, compared to the 2020 level.
Additionally, the company seeks to cut carbon emissions 28 percent by 2030 and 69 percent by 2040 across its portfolios associated with loans, investments, underwriting and other business activities involving the group's corporate customers.
Cho highlighted Shinhan Banking Group as a signatory to the U.N. Environment Programme (UNEP) Finance Initiative (FI) since November 2021. The FI is a global partnership established between the UNEP and the financial sector.
According to the banking group, Goldsmith was impressed by its “leading role to spread environment-friendly finance and climate action in accordance with global criteria.”
The minister went on to say that the environment will recover more quickly if financing for biodiversity protection is expanded on the international level.
Cho voiced a similar view, saying, “The more we work together, the better environmental protection can be achieved.”
“As a responsible private banking group, the company will continue to seek various ways to solve challenges on carbon neutrality and biodiversity at the same time,” he added.
Meanwhile, U.K. Ambassador to Korea Colin Crooks accompanied the minister at the meeting.