Hyundai Commercial Signs Business Agreement to Expand Sustainable Finance
Promotion of Sustainable Finance Including Sustainable Development Centers, SME Financial Support, and ESG Bonds
On the 11th, at the Hyundai Commercial headquarters in Yeouido, Seoul, the business agreement signing ceremony was held, attended by Hyundai Commercial Division Head Byung-hwi Lee (left) and Sustainable Development Center CEO Deok-chan Yoon (right), along with other officials.
View original image[Asia Economy Reporter Ki Ha-young] Hyundai Commercial is taking steps to revitalize sustainable finance for companies in collaboration with the Sustainable Development Institute.
On the 12th, Hyundai Commercial announced that it signed a Memorandum of Understanding (MOU) with the Sustainable Development Institute to promote the "transition to a low-carbon economy" and "promotion of sustainable finance." The Sustainable Development Institute is the only AI-based corporate Environmental, Social, and Governance (ESG) analysis specialist organization in Korea.
Through this MOU, both parties plan to contribute to the goal of sustainable finance by 2030, which is the "transition to a domestic low-carbon economy," by cooperating to expand Hyundai Commercial’s sustainable finance and operate sustainability-linked loan support services for companies within the corporate finance market platform GoFunding.
In sustainable finance, "sustainability" is a crucial factor in investment decision-making. For example, there is "sustainable investment (responsible investment)" which involves investing in companies with good ESG performance, and "ESG bonds" used for eco-friendly projects or solving social issues. Recently, sustainable banking, which provides loan products and services only to companies with good ESG performance, has also been gaining much attention in banks. Additionally, in advanced countries such as Europe, providing sustainable loans to small and medium-sized enterprises (SMEs) to address climate change and achieve the UN Sustainable Development Goals (SDGs) is considered a key element for the growth of sustainable finance.
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Lee Byung-hwi, Head of Hyundai Commercial Division, stated, “If SMEs with good ESG performance have opportunities to raise funds under better conditions through financial support for eco-friendly companies and small business operators, the 'transition to a low-carbon economy,' which sustainable finance ultimately pursues, will be achieved faster than we expect.”
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