Woori Financial Group on track for carbon neutrality by 2050

The headquarters of Woori Financial Group in central Seoul / Courtesy of Woori Financial Group

By Anna J. Park

Woori Financial Group announced, Thursday, that it obtained approval from the Science Based Targets initiative (SBTi) for the group's mid- and long-term carbon reduction targets. SBTi is a global body that partners with various international organizations, including the Carbon Disclosure Project (CDP), World Resources Institute (WRI), the World Wildlife Fund (WWF) and the United Nations Global Compact, to enable more than 6,000 businesses around the world to set carbon reduction targets.

Based on recommendations by SBTi, Woori Financial Group has set one of the most stringent carbon emission reduction goals in its certification method among domestic financial companies. The group, in particular, fulfilled all criteria of the global initiative, including the application of the latest SBTi reduction methodologies, in its emission reduction targets.

With the commitment to carbon-neutral goals, Woori Financial Group has succeeded in obtaining approval from the global initiative in just two months, which is the shortest period it took among local peer companies.

Under a timeline of achieving carbon neutrality by 2050, the financial group has specifically set up intermediate goals to cut carbon emissions from business sites by 42 percent by 2030 from the emissions of 2022. Carbon emissions from the group's financial assets, meanwhile, are set to be reduced by 27 percent by 2030 from that of 2022.

“Continuous execution and transparent disclosure are crucial in addressing the climate crisis and in achieving carbon neutrality,” Woori Financial Group Chairman Yim Jong-ryong emphasized. “The group will continue to strive to be a trustworthy company while preventing greenwashing through a transparent ESG disclosure system,” the chairman added.