Shinhan Bank Receives Presidential Citation for '2020 Eco-friendly Technology Promotion and Consumption Encouragement'

Promoting Various Policies Contributing to Low-Carbon Living Through Core Financial Business
First Domestic Commercial Bank to Join the Equator Principles

On the 2nd, at the Korea Press Center in Jung-gu, Seoul, Shinhan Bank Executive Director Jeong Sang-hyeok (left) and Hwang Seok-tae, Director of the Living Environment Policy Office at the Ministry of Environment (center), are posing for a commemorative photo at the '2020 Eco-friendly Technology Promotion and Consumption Activation Merit' awards ceremony.

[Asia Economy Reporter Kangwook Cho] Shinhan Bank announced on the 2nd that it was selected as the Best Institution in the Low-Carbon Lifestyle Practice category at the Ministry of Environment-hosted '2020 Green Technology Promotion and Consumption Activation Merit Awards' and received the Presidential Citation.

The government award for 'Green Technology Promotion and Consumption Activation Merit,' hosted by the Ministry of Environment, is a system that selects and rewards companies and organizations that have contributed to the promotion of the environmental industry through the practice of eco-friendly and low-carbon lifestyles. Shinhan Bank received the highest honor in the corporate category, the Presidential Citation, in the Low-Carbon Lifestyle Practice category.

Shinhan Bank has been promoting policies that contribute to low-carbon living by carrying out activities such as ▲launching various green financial products and expanding renewable energy project financing (PF) ▲leading the low-carbon green finance market through green bond and ESG bond issuance ▲spreading eco-friendly management activities such as exceeding government greenhouse gas target management reductions ▲signing and implementing the UNEP-FI Principles for Responsible Banking ▲strengthening global initiative environmental partnerships through joining the Equator Principles.

In particular, in September, Shinhan Bank became the first domestic commercial bank to join the Equator Principles, an environmental and social risk management framework, continuously managing environmental and social risks that may arise when providing financial support for large-scale projects.

A Shinhan Bank official said, "We will continue to strive for sustainable growth for customers, the bank, and society together through leading the promotion of eco-friendly green finance based on our core financial business."

Meanwhile, Shinhan Financial Group has maintained the title of the first domestic financial company in various fields such as ESG and eco-friendly finance since joining UNEP FI as the first Korean financial institution in 2008. To participate in international cooperation on climate change, last month it declared the 'Zero Carbon Drive,' the first decarbonization strategy among East Asian financial groups, and plans to reduce the carbon emissions of the group's asset portfolio to '0' by 2050.

This content was produced with the assistance of AI translation services.