Shinhan Chief, UK Minister Discuss Climate Efforts in Financial Sector

From left, British Ambassador to Korea Colin Crooks, British Environment Minister Zac Goldsmith, Shinhan Financial Group Chairman Cho Yong-byeong and Shinhan Managing Director of Global Affairs Seo Seung-hyeon pose for a photo at the Korean Bank’s headquarters in central Seoul on Friday. (Shinhan Financial Group)

Shinhan Financial Group Chairman Cho Yong-byeong met with UK Environment Minister Zac Goldsmith and UK Ambassador to Korea Colin Crooks to discuss the role of the financial sector in tackling climate change and biodiversity loss, the company said on Sunday.

At Friday’s meeting, Goldsmith was briefed on Shinhan’s zero-carbon campaign, which includes the banking group’s goal to reduce carbon emissions by 46% in 2030 and 88% in 2040, as per the agreement. history of Paris of 2016.

Shinhan, one of the leading banks here, also aims to reduce carbon emissions in its investment portfolio by 38% and 69% within 10 and 20 years, respectively.

The British minister, who attended the 15th World Forestry Congress organized by the Korea Forest Service on Monday, called for the active participation of the financial sector to support biodiversity conservation. Expanding such financial support would lead to a faster recovery of our ecosystem and the health of the planet, he explained.

He added that he was “deeply impressed” by Shinhan’s efforts to spread green finance and fight climate change, both of which are in line with global standards, according to the company.

In line with Goldsmith’s remarks, Crooks highlighted Shinhan’s decision in April to issue green bonds endorsed by the UK-based Climate Bond Initiative – an organization that promotes investment in sustainable net zero projects – and called more local businesses to adopt the method. .

Cho attended the 2021 United Nations Climate Change Conference in Glasgow, Scotland – representing Asian financial firms – where Goldsmith championed global forest protection.

Shinhan Financial Group reported net profit of 1.4 trillion won ($1.1 billion) for the first quarter, up 17.5% year-on-year, according to its regulatory filing. It jumped 199% over the quarter.

By Jung Min-kyung ([email protected])

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