Woori Financial joins international partnership on biodiversity protection

A promotional image for Woori Financial Group joining the Partnership for Biodiversity Accounting Financials (PBAF) / Courtesy of Woori Financial Group

By Yi Whan-woo

Woori Financial Group said Monday it joined the Partnership for Biodiversity Accounting Financials (PBAF), becoming the first Asian company to join the group of more than 20 banks worldwide committed to measuring and reporting the impact of their loans and investments on biodiversity.

The banking group expressed hope for participating in developing international standards concerning the assessment of biodiversity-related efforts as well as for raising international awareness toward such efforts.

“Damage to the natural ecosystem can deal a blow to financial and business activities and can inflict losses on investors,” Woori Financial Group Chairman and CEO Son Tae-seung said in a press release.

“Taking this into account, our company will put the utmost efforts into easing risks concerning the natural ecosystem and help it recover,” he said.

Founded in 2019, the PBAF includes ASN Bank, ABN AMRO Bank, APG and Achmea Investment Management, among others.

According to the partnership, an estimated 50 percent of global economic value generation is dependent on the environment.

The issues addressed by the partnership include the biodiversity impact of investments in the agricultural sector, forestry, ecological restoration and equity investments.