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| American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim speaks during the Sustainability Seminar 2022 at Conrad Seoul, Thursday. Courtesy of AMCHAM |
By Park Jae-hyuk
The recent summit between President Yoon Suk-yeol and his U.S. counterpart Joe Biden paved the way for businesspeople to focus more on the management of environmental, social and corporate governance (ESG) principles, according to the American Chamber of Commerce in Korea (AMCHAM) Chairman James Kim, Thursday.
Kim, who had an opportunity to witness the leaders' meeting personally, noted that there is now more focus and scrutiny on which companies are trying to improve ESG practices, as a result of the summit.
"The two leaders emphasized the importance of creating global supply chains that are sustainable and that address climate change as part of the global commitment to ensuring energy security," he said during a seminar hosted by the chamber to explore solutions for sustainable growth in the ESG era.
Kim recalled that the chemistry between the two leaders was "really special." He added that the heightened level of awareness and expectation means that business leaders now need to take a serious look at exploring concrete measures to implement ESG strategies.
Gregory Briscoe, the minister counselor for commercial affairs at the U.S. Embassy in Seoul, agreed with the AMCHAM chairman.
"The two presidents reaffirmed our commercial alliance, emphasizing their commitment to increasing cooperation in the sustainable development of energy sectors," Briscoe said. "Both leaders highlighted the importance of collaboration between American and Korean businesses in realizing these commitments."
Former U.N. Secretary-General Ban Ki-moon, who has chaired the Global Green Growth Institute, said in a pre-recorded speech that the emergence of ESG as a key area of focus and the commitments of companies to net-zero is "very encouraging."
"I believe today's discussions will help domestic foreign-invested companies make Korea a stronger country, and we can help the region and the globe move toward a more sustainable and prosperous future," Ban said.
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