[2021 Asia Financial Forum] Yoon Kwan-seok "ESG, Key Corporate Task for Future Sustainability"

Yoon Kwan-seok, Secretary General of the Democratic Party of Korea, is delivering a congratulatory speech at the 10th 2021 Seoul Asia Financial Forum held on the theme of future financial innovation and sustainable growth at the Westin Chosun Hotel in Jung-gu, Seoul on the 25th. Photo by Moon Ho-nam munonam@

[Asia Economy Reporter Song Seung-seop] Yoon Kwan-seok, Chairman of the National Assembly's Political Affairs Committee and Secretary General of the Democratic Party of Korea, emphasized on the 25th that "ESG (Environmental, Social, and Governance) has become a crucial task for companies to prioritize not only current performance but also future sustainability."

At the congratulatory speech of the '10th 2021 Seoul Asia Financial Forum' held at the Westin Chosun Hotel in Sogong-dong, Jung-gu, Seoul, Yoon stated, "As the market economy matures, members of the social community do not tolerate corporate actions that abandon social responsibility, fairness, and transparency."

Yoon analyzed, "(Companies) are actively pursuing a transition to ESG management through financial instruments such as ESG bonds based on voluntary needs," adding, "There is growing interest in how much this change will contribute to the innovation of capitalism, which has faced a crisis due to COVID-19."

Regarding the current government's efforts for sustainable growth, he explained, "Our government has also announced the 'Korean New Deal' initiative and set up large-scale investment plans for sustainable future growth required in the post-COVID-19 era," adding, "The New Deal Fund also pursues a 'virtuous cycle between private market finance and productive sectors,' rather than being a government-led project solely dependent on fiscal policy."

He further evaluated, "ESG, which condenses the 17 Sustainable Development Goals (SDGs) as core types for sustainable growth, is a hot topic," and noted, "Unlike efforts mainly based on governments or international organizations, it is encouraging that the efforts of private companies and capital are becoming prominent."

Regarding the Green New Deal and green finance, he mentioned, "The climate crisis, which becomes more visible along with the population explosion surpassing 7.7 billion, threatens the survival of individual companies and all humanity," and added, "Various legislations for climate transition and green finance are currently being discussed in the National Assembly without party divisions."

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