Woori pledges to go carbon neutral by 2050

Woori Financial Group Chairman Son Tae-seung

By Lee Min-hyung

Woori Financial Group said Sunday it would become a carbon-neutral company by 2050 to help fight climate change.

The move is part of Woori's group-wide efforts to transform itself into a more sustainable financial holding firm by fulfilling environmental, social and corporate governance (ESG).

The company decided to stop making additional investments into coal power plants as a first step to achieve its carbon-free vision, Woori said.

"We will stop engaging in any new project financing or bond investment into establishing coal power plants," a company official said. "Woori will also retrieve all the capital invested in existing coal projects after their maturity date comes due."

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The group also said all of its subsidiaries ― including Woori Bank and Woori Card ― are going to join the carbon-free drive and make more investments into eco-friendly energy projects.

Toward that end, Woori said it would launch a new committee dedicated to discussing group-wide ESG management strategies. Leaders of Woori affiliates will take part in the committee on a regular basis to share their visions and achievements to become a carbon-free financial group.

"We will aggressively push for the ESG management by making it one of the group's core medium- to long-term growth strategies," Woori Financial Group Chairman Son Tae-seung said Friday during a meeting with top management of its key affiliates.

Specifically, Woori plans to increase its investment in renewable energy sectors ― such as hydrogen fuel cells, wind power and solar power. Starting next year, the company will also establish electric vehicle charging stations at its major sales branches.

The group also plans to supply solar power facilities to its training institute in Anseong, Gyeonggi Province, in a move to display its strong willingness to fulfill the ESG management.

The announcement came a few days after President Moon Jae-in declared the "2050 vision for carbon neutrality."

He underlined the looming climate change crisis, and said the country needs to achieve carbon neutrality by 2050 under close partnerships between the government and industry.

The financial industry has particularly remained agile in embracing the government's green drive. For the past few months, major financial firms have rushed to issue ESG bonds to show their strong determination to join the eco-friendly initiative being pushed by the government and global society at large.

In August, Woori Bank issued an ESG bond worth 300 billion won to support the self-employed and small companies hit hard by the coronavirus shock.

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