Woori Financial Group vows to go net zero, commits to ESG

Finance

Published: 12 Jul. 2021, 18:09

Woori Financial Group vows to go net zero, commits to ESG

From left, Woori Bank CEO Kwon Kwang-seok, Woori Financial Group Chairman Son Tae-seung, and Woori Card CEO Kim Jeong-ki pose for a photo while meeting for a group workshop last week where they decided on the group's mid to long term Plan Zero 100. [WOORI FINANCIAL GROUP]

Woori Financial Group on Monday vowed to achieve net-zero carbon emissions from its business and its asset portfolio and invest and make loans totaling 100 trillion won ($87.2 billion) into environmental, social, and governance (ESG)-related businesses.

The plan is part of the mid to long term Plan Zero 100 unveiled by the group Monday. Under the plan, the group aims to achieve net-zero carbon emissions by 2050 and commit 100 trillion won to ESG-related financing by 2030.

The promised 100 trillion won will be used to fund ESG-related businesses and financial products, issue ESG bonds and offer loans to ESG-related projects, the group said.

To prevent money from flowing into areas labeled ESG-related but actually not, the group said it is developing its own taxonomy, which will help it tell apart projects that are genuinely green and socially responsible from those that merely claim to be.

BY KIM JEE-HEE [kim.jeehee@joongang.co.kr]