SEOUL, REPUBLIC OF KOREA – 24 November 2022 - The Partnership for Carbon Accounting Financials (PCAF) has launched a Korea coalition to further promote measurement and disclosure of GHG emissions in the Korean financial sector. This coalition will be chaired by KB Financial Group, given their instrumental support in setting up the national chapter. The Korea Sustainable Investing Forum (KoSIF) will act as the Secretariat for the coalition. Together, KoSIF and KB Financial Group, will fulfill the leadership role to facilitate collaboration, including chairing regional meetings and holding the pen for deliverables with participant input from participantss.
The PCAF Korea collation was developed in order to meet the growing needs of Korean financial institutions who have joined PCAF, as the momentum to commit to and achieve net zero increases. The coalition will focus on applying PCAF’s methodologies for measuring emissions associated with financial activities in a Korean context, sharing best practices, working on data quality improvements, developing additional methods, and bridging international collaboration with other PCAF regional teams.
“Financial Institution’s climate-related activities being with an accurate calculation of financed emissions and setting a net zero target. Therefore, it is necessary to make climate-related disclosures including greenhouse gas and financed emissions mandatory as soon as possible. Although financial institutions should actively carry out activities that require disclosure of information to targets such as investment, loan, and insurance.”
Karl C.S. Yang, Executive Director, Korea Sustainability Investing Forum (KoSIF)
There are currently 15 Korean financial institutions who have joined PCAF, with over 3.2 trillion UDS in total assets. All current Korean PCAF financial institutions will automatically join the PCAF Korea coalition. With this new chapter in the PCAF structure, PCAF continues to expand, both in Asia-Pacific and globally. The initiative now holds over 340 financial institutions with over 87 trillion USD in total assets across North America, Latin America, Europe, Africa, and Asia-Pacific.
In hopes to increase uptake of the PCAF Global GHG Accounting and Reporting Standard in Korea, we are pleased to announce that the Standard is now available for download in Korean. Translated by PCAF Korea secretariat Korea Sustainability Investing Forum (KoSIF). In case of any discrepancy, the English language version of the Standard shall prevail. We express great gratitude to Woori Financial Group, Hana Financial Group, and KB Financial Group for their generous support in translating the Standard into Korean.
The PCAF Korea coalition was officially announced today at a launch event in Seoul. The event brought together financial institutions to celebrate the development of the coalition and an overview of PCAF Korea’s operational objectives and activities will be revealed.
**For more information, please contact:
Executive Director, PCAF
Program Manager & Latin America Team Lead, PCAF