Hanwha unveils new ESG plan

Seen above is the 63 Building in Seoul where Hanwha Life Insurance's head office is located. Yonhap

By Lee Min-hyung

Hanwha Life Insurance has unveiled its mid-term environmental, social and corporate governance (ESG) management roadmap, with a view to building a more solid foundation for sustainable growth.

Under the slogan of Green Life 2030, the company set three core strategies for its new ESG management plan. They include twofold growth in eco-friendly and prosocial investments, a 40-percent cut in the company's carbon emissions and an improvement in the Diversity, Equity and Inclusion Index by 2030, the insurer said, Wednesday.

Last year, the company declared its plan to become a carbon-free insurer, as part of its strong willingness to join the global eco-friendly drive. The Hanwha affiliate aims to carry out more concrete ESG activities by introducing the new mid-term vision.

The roadmap was approved at its sustainable management committee meeting held on June 3 when the company reappointed Hwang Young-key as the leader of the committee. Hwang is also serving as a non-executive director of the company.

Hwang is a financial expert who worked as a former chairman at Korea's major financial holding firms, including KB Financial Group and Woori Financial Group. Last year, the committee also appointed Sogang University economics professor Lee In-sil as a new female outside director for gender diversity purposes.

The company also won an "A" rating during a Korea Corporate Governance Service's ESG assessment for two consecutive years since 2020. This grade is the top rating earned by life insurers here. The company also received the A rating from one of Korea's major ESG assessment organizations, Sustinvest.

Last year, Hanwha's six financial affiliates, including Hanwha Life, made a joint declaration to push for carbon-free finance.

"We will keep actively carrying out ESG management plans to build a stepping stone for a more transparent governance structure and to drive our sustainable growth," an official from the company said.

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