KB chairman joins Asia-Pacific meeting of global financial coalition

KB Financial Group Chairman and CEO Yoon Jong-kyoo / Courtesy of KB Financial Group

By Yi Whan-woo

KB Financial Group Chairman and CEO Yoon Jong-kyoo attended an advisory committee meeting of Glasgow Financial Alliance for Net Zero's (GFANZ) Asia-Pacific arm and shared the group's commitment to cutting greenhouse gas emissions to close to zero, the company announced on Wednesday.

The meeting took place after GFANZ, a coalition of more than 550 global financial institutions, set up an advisory committee for its Asia Pacific division in June 2022.

The Asia-Pacific region accounts for 50 percent of the carbon emissions and GFANZ has been seeking to accelerate the region's role to diversify policies and strategies on climate change.

Accordingly, Yoon called for a need to “strengthen communication and cooperation among the parties of interests for a speedy transition to a net zero-oriented economy in the Asia-Pacific region.”

“And KB Financial Group will faithfully carry out its commitment as a responsible GFANZ member,” he said.

Meanwhile, the advisory meeting was held as a part of the annual GFANZ Asia-Pacific (APAC) Summit. The meeting was joined by Mary Schapiro, former chairperson of the U.S. Securities and Exchange Commission (SEC) and currently vice chairperson of the GFANZ.

KB Financial Group was the first Korean financial company to commit to exit coal financing, focused on halting investment in the construction of new coal-fired power plants.

The company has its own net-zero goals with a strategy called KB Net Zero S.T.A.R., aimed at reducing its portfolio's carbon emissions by 33.3 percent by 2030 compared to 2019 levels, by 61 percent by 2040, and ultimately achieving neutrality by 2050.