KB Financial Joins Global Environmental Initiative to Practice ESG Management
Global Environmental Initiatives SBTi and PCAF Join to Verify Greenhouse Gas Emission Targets
[Asia Economy Reporter Park Sun-mi] On the 5th, KB Financial Group announced that it has joined the global environmental initiatives SBTi (Science Based Targets initiative) and PCAF (Partnership for Carbon Accounting Financials).
SBTi and PCAF are global private collaborations that help companies set and verify greenhouse gas emission reduction targets to implement the Paris Agreement, which aims to limit the average global temperature rise to 1.5°C. Upon joining SBTi, companies must set and disclose their greenhouse gas reduction targets within two years.
KB Financial Group plans to measure the group's direct and indirect greenhouse gas emissions using the methodology presented by PCAF and establish scientifically based greenhouse gas reduction targets.
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A KB Financial Group official said, "Financial institutions must play a pivotal role in achieving a carbon-neutral economy," and added, "We expect that joining these environmental initiatives will serve as an important milestone for the practical transition to a low-carbon economy."
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