Sustainable Finance

Shinhan Chairman and UK Minister Brief Climate Efforts in Financial Sector

Published on: 9 May 2022 12:43 PM
by KnowESG

Shinhan Financial Group Chairman, Cho Yong-byeong, met with UK Environment Minister Zac Goldsmith and British Ambassador to Korea Colin Crooks to discuss how the finance sector could play a significant role in reducing climate change and biodiversity loss.

Goldsmith was informed of Shinhan's Zero-Carbon Drive, which includes the banking group's objective of reducing carbon emissions by 46% in 2030 and 88% in 2040 under the landmark 2016 Paris Agreement.

Shinhan, one of the largest banks in the country, also plans to reduce carbon emissions in its investment portfolio by 38% and 69% over the next 10 and 20 years, respectively.

The UK minister, who attended the 15th World Forestry Congress sponsored by the Korea Forest Service, urged the financial sector to play a more active role in biodiversity conservation. He explained that expanding such financial assistance will result in a speedier recovery of our ecology and the health of the world.

He also expressed his "great admiration" for Shinhan's efforts to spread green financing and battle climate change, both of which meet worldwide standards, according to the corporation.

Following Goldsmith's statements, Crooks cited Shinhan's decision to launch green bonds approved by the UK-based Climate Bond Initiative — an organisation supporting investment in sustainable net-zero projects – and urged more local businesses to follow suit.

Cho represented Asian finance businesses at the 2021 United Nations Climate Change Conference in Glasgow, Scotland, where Goldsmith advocated for worldwide forest protection.

According to a regulatory filing, Shinhan Financial Group reported a net profit of 1.4 trillion won ($1.1 billion) for the first quarter, up 17.5 per cent year on year.

Source: The Korea Herald