Seoul, April 2, 2021 – As a crucial step in its pledge to reduce the impact of its operations on Earth's climate, KBFG now joins the Partnership for Carbon Accounting Financials (PCAF), a collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas emissions financed by loans and investments. With more than 100 banks and investors from five continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
KBFG will not only accelerate transition to low carbon economy by focusing on carbon emissions reduction and efficient energy consumption in our own operations, but also lead the green finance ecosystem by increasing investments and lending in renewable energy and green sectors.
As stakeholders' interest in the environment increases, consideration of environmental risk is becoming more important in the financial sector. KBFG aims to strengthen its management of environmental risks by advancing climate change strategy and expanding green financial services.
“We are pleased to welcome KBFG to the 110+ financial institutions globally that participate in PCAF. By committing to measure and disclose the emissions of their portfolios to support meeting the goals of the Paris Climate Agreement, KBFG shows its climate leadership not only in Asia-Pacific region, but also globally.”
Giel Linthorst, Executive Director of PCAF
“We recognize our important role to achieve Net Zero economy as a financial institution. We also believe that GHG accounting is a stepping stone to provide material information for addressing climate related risks. Our commitment will surely be meaningful and we look forward to collaborating with other financial institutions to create impact”
Jinyoung Kim, Head of Brand·ESG Group, KBFG
About KB Financial Group
KB Financial Group Incorporated is a financial services company headquartered in Seoul Korea. Despite unfavorable business environments at both home and abroad, KB Financial Group has been making ceaseless efforts to lead financial innovation and expand our business territory for securing sustainable growth engines. As a leading financial group with the largest domestic customer base and networks, we provide various financial services covering retail banking, corporate banking, investment banking, insurance, credit card, and asset management. We operate 1,532 domestic networks and 61 global networks in 13 countries including China, U.S., Japan, and Vietnam through our 12 subsidiaries. KB Financial Group reported total assets of $538 billion at March 30th, 2021.
For more information see https://www.kbfg.com/Eng/about/sustainability/sustainability.jsp
About the Partnership for Carbon Accounting Financials (PCAF)
In September 2019, the Partnership for Carbon Accounting Financials (PCAF) was launched globally. Currently, more than 100 banks and investors have subscribed to the PCAF initiative. PCAF participants work together to jointly develop the Global GHG Accounting and Reporting Standard for the Financial Industry to measure and disclose the greenhouse emissions of their loans and investments. By doing so, PCAF participants take an important step to assess climate-related risks, set targets in line with the Paris Climate Agreement and develop effective strategies to decarbonize our society. For more information see https://carbonaccountingfinancials.com/
PCAF Media Inquiries please contact: Angélica Afanador, Manager, PCAF Secretariat, E: info@carbonaccountingfinancials.com
