Read Woori Financial Group's press release in Korean here.
Seoul, October 15, 2021 - Woori Financial Group (Chairman Sohn Tae-seung) announced that they now join the Partnership for Carbon Accounting Finance (PCAF), for environmental sustainability.
The Partnership for Carbon Accounting Financials (PCAF) is a collaboration between financial institutions worldwide to enable harmonized assessments and disclosures of greenhouse gas (GHG) emissions financed by loans and investments. With more than 160 banks and investors from five continents, the group is rapidly expanding in North America, Latin America, Europe, Africa and Asia-Pacific.
Woori Financial Group plans to push for the practical implementation of carbon neutrality through this partnership. In the future, efforts will be made to reduce GHG emissions from loans and investments. The PCAF Standard will be used to measure and disclose the GHG emissions from the group's asset portfolio.
Woori Financial Group proposed the group ESG mid- to long-term goals in July 2021.
▲By 2050, the group's own GHG emissions and asset portfolio GHG emissions will be zeroed.
▲By 2030, 100 trillion won will be provided to ESG finance, including ESG products, loans, investments, and issuance of ESG bonds.
“We are delighted to welcome Woori Financial Group to join the initiative. We look forward to supporting Woori Financial Group on their GHG accounting journey.”
Tiange Wei, Asia-Pacific Regional Lead, Partnership Carbon Accounting Financials (PCAF)
“We are delighted that Woori Financial Group has made a significant commitment to measure and disclose their financed emissions by joining the PCAF initiative. This shows that the Korean financial sector is moving forward to align financial portfolios with the Paris Agreement.”
Karl Chun Seung Yang, Executive Director, Korea Sustainability Investing Forum (KoSIF)
"Based on joining the global climate finance initiative PCAF, Woori Financial Group will play a financial role in the transition to a carbon-neutral society by measuring GHG emissions and setting reduction goals according to scientific methodologies."
Jaeyoung Kim, Head of ESG Management Department, Woori Financial Group Inc.
Media Inquiries please contact:
Hae Jun Yang, Senior Manager, Woori Financial Group Inc., E: firstname.lastname@example.org
Angélica Afanador, Program Manager, PCAF Secretariat, E: email@example.com
About Woori Financial Group
Woori Financial Group is based on Daehancheonil Bank, which was established with state capital in 1899, and has led Korea’s financial sector by becoming the first listed company in Korea with a century-long history and the first to establish an overseas branch. Woori Financial Group offers a wide range of financial products to its customers by leveraging its domestic network of 920 branches across 13 subsidiaries, and a global network consisting of 470 branches across 23 countries (As of the end of 2020). Under our new ESG vision of “Good Finance for the Next”, which means creating a better world through finance, Woori Financial Group, by fulfilling its fundamental role as a financial company, will take the lead in achieving carbon neutrality and building a sustainable society where present and future generations can coexist and grow together.
For more information see https://www.woorifg.com/eng/social-contribution/continuous/list.do
About the Partnership for Carbon Accounting Financials (PCAF)
The Partnership for Carbon Accounting Financials (PCAF) was launched globally in September 2019. Currently, more than 150 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 gas 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/