KB Financial builds global reputation with net zero campaign

The Korea Times

The Korea Times

Finance

Mon, October 2, 2023 | 09:37

Companies

KB Financial builds global reputation with net zero campaign

Posted : 2022-06-10 15:46

Updated : 2022-06-12 10:42

KB Financial Group Chairman and CEO Yoon Jong-kyoo, right, shakes hands with Climate Ambassador Tomas Anker Christensen of the Danish government during Christensen's visit to the banking group's headquarters in Yeouido, Seoul, Thursday. Courtesy of KB Financial Group

Chairman Yoon joins advisory board of global finance coalition, meets Danish climate envoy

By Yi Whan-woo

KB Financial Group is building a global reputation as Korea's leading banking group, with its green campaigns under the leadership of Chairman and CEO Yoon Jong-kyoo.

The company announced Friday that Yoon has been appointed as a member of the Glasgow Financial Alliance for Net Zero's (GFANZ) advisory board for the Asia-Pacific region.

With more than 450 member firms worldwide, GFANZ is the world's largest coalition of financial institutions committed to reaching the U.N. goal of carbon neutrality by 2050.

Led by U.N. Special Envoy for Climate Action and Finance Mark Carney, it was launched on the occasion of the 26th U.N. Climate Change Conference (COP26) in Glasgow November 2021.

Yoon is the only board member from any Korean financial services company. The board is led by Ravi Menon, the managing director of the Monetary Authority of Singapore, and includes economists from the Asia Development Bank and Asian Infrastructure Investment Bank, among others.

"The board indeed consists of high-profile figures who have expertise in finance and climate issues in the Asia-Pacific," KB Financial Group explained.

The group has accelerated its carbon net zero efforts, particularly with the Net Zero S.T.A.R and Green Wave 2030 campaigns.

Net Zero S.T.A.R is aimed at reducing its portfolio's carbon emissions 33.3 percent by 2030 compared to 2019 levels, 61 percent by 2040, and ultimately achieving neutrality by 2050.

Part of the firm's environmental, social and corporate governance (ESG) practices, Green Wave 2030 pursues introducing more ESG-themed products and scaling relevant investments and loans to up to 50 trillion won ($39.4 billion) by 2030.

KB Financial Group Chairman and CEO Yoon Jong-kyoo, center, poses with Danish Climate Ambassador Tomas Anker Christensen, third from left, Danish Ambassador to Korea Einar Jensen, second from left, and their respective experts on carbon neutrality strategy at the banking group's headquarters in Yeouido, Seoul, Thursday. Courtesy of KB Financial Group

On Thursday, the KB Financial Group chairman met Climate Ambassador Tomas Anker Christensen of the Danish government in Seoul and discussed the roles of the financial industry to achieve the goal of carbon neutrality.

A career diplomat, Christensen has served in various positions at the U.N. on climate issues, including the head of the Climate Change Support Team in the Executive Office of the Secretary-General and the chief adviser to the Secretary-General's Special Envoy for Climate Action.

In a meeting accompanied by Danish Ambassador to Korea Einar Jensen, Yoon and Christensen shared ways to enhance civic-level cooperation between the two countries in the transition to a low-carbon economy.

In particular, Christensen highlighted Denmark's net zero commitments and advancements with renewable energy.

"The two countries are expected to create a synergy in coping with climate change, by capitalizing on Denmark's expertise on renewables and Korea's cutting-edge technologies," Yoon said. "KB Financial Group accordingly will expand financial support for clean energy projects and other relevant initiatives on the path to net zero."

yistory@koreatimes.co.kr