KB Financial publishes ESG management practices report

A promotional image of the report / Courtesy of KB Financial Group

By Anna J. Park

KB Financial Group has published its annual report on its ESG management practices, covering the topics of: inclusiveness, responses to climate change and sustainable finance.

The report in particular states the financial group's detailed principles for ESG-based management with a vision for coexistence. According to the report, KB Financial Group has set out its long-term strategy, “KB Diversity 2027,” under which the group plans to expand the diversity of its employees.

The long-term goal also involves the implementation of various sub-goals to foster a more inclusive corporate culture.

The annual report also serves as a required disclosure for the Task Force on Climate-related Financial Disclosures (TCFD), which KB Financial joined back in 2018. The report detailed the financial group's efforts to bring about decarbonization in the four major areas of corporate governance, strategies, risk management and indices. It analyzes deeply and in detail the financial impacts of various carbon-neutral scenarios.

The report also highlighted the financial group's “Green Wave 2030” strategy, through which the financial group aims to expand the total size of its loans, investments and products related to ESG principles to 50 trillion won ($38 billion) by 2030.

“The road to ESG is a matter of survival in the future, and it should be sustained for better growth,” KB Financial Group Chairman Yoon Jong-kyu said. “KB Financial Group will do its utmost to exert good influences through its ESG management, contributing to the globe's joint path towards 'a better world,'” he added.