Ahead of the P4G Summit, the Financial Sector Also Embraces the Green Finance Boom

Financial Services Commission to Host P4G Green Finance Special Session on 29th
Korea Development Bank Holds Investment Briefing for Four Green New Deal Venture Companies

[Asia Economy Reporter Park Sun-mi] Ahead of the '2021 P4G (Partnership for Green Growth and the Global Goals 2030) Seoul Summit,' Korea's first multilateral summit in the environmental sector, held on the 30th and 31st, the financial sector's enthusiasm for participating in green finance is heating up.

According to the financial sector on the 28th, the Financial Services Commission will hold a P4G Green Finance Special Session at Dongdaemun Design Plaza (DDP) in Seoul on the 29th of this month, discussing the role of finance for green recovery with representatives from international climate and finance organizations and companies such as the United Nations Framework Convention on Climate Change (UNFCCC), the World Economic Forum (WEF), and the International Finance Corporation (IFC). During the two-hour event starting at 8 p.m., Financial Services Commission Chairman Eun Sung-soo is expected to review the challenges of global green finance and urge cooperation among the global financial sector for carbon neutrality.

Earlier, the Financial Services Commission applied for membership in the 'Network for Greening the Financial System' (NGFS), a global consultative group among central banks and supervisory authorities for green finance, along with the Financial Supervisory Service. It also declared support for the Task Force on Climate-related Financial Disclosures (TCFD) and its recommendations together with 13 related financial institutions.

P4G aims to support countries, especially developing nations, in appropriately responding to climate change while achieving sustainable development. The P4G Seoul Summit is significant as Korea's first multilateral summit in the environmental field, attended by President Moon Jae-in, major world leaders, and heads of international organizations numbering over 60. For the financial sector, which has identified ESG (Environmental, Social, and Governance) management as a key theme this year, the P4G summit presents a golden opportunity to demonstrate their commitment to green finance.

KDB Industrial Bank held an investment briefing session for four venture companies in the green new deal sector as a pre-event to the P4G Green Finance Special Session the day before, fostering a platform to build a domestic and international innovative startup ecosystem aimed at achieving climate change response and sustainable development goals pursued by P4G. IBK Industrial Bank created a green finance exhibition booth at the 'Korea Fintech Week,' held simultaneously online and offline until today, introducing the P4G summit, the green finance special session agenda, and green finance initiatives promoted by the bank.

KB Financial Group Issues 110 Billion KRW Green Bonds and Launches ‘KB Green Wave 1.5℃ Financial Product Package’
Shinhan Financial Group Declares Eco-Friendly Project ‘Zero Carbon·Zero Fuel’

KB Financial Group early on signed a business agreement to realize the carbon neutrality vision and served as the planning head for preparing the P4G summit, promoting the P4G Seoul Summit through promotional videos and online channel campaigns. Additionally, KB Kookmin Bank launched the ‘KB Green Wave 1.5℃ Financial Product Package’ the day before, consisting of three eco-friendly specialized products: deposits, trusts, and cards. The donations collected through product subscriptions will be used for climate change response and carbon emission reduction.

Shinhan Financial Group recently held an ESG Promotion Committee meeting attended by Chairman Cho Yong-byeong and CEOs of affiliates, declaring the eco-friendly project ‘Zero Carbon·Zero Fuel,’ which includes converting all 62,843 company vehicles to zero-emission vehicles such as electric and hydrogen cars by 2030.

A financial sector official explained, "From the financial authorities, Korea is sending a message of close cooperation with the international community to revitalize green finance, just as it shared quarantine supplies and experiences worldwide during the COVID-19 crisis," adding, "Private financial companies, which are paying attention to ESG management, also see the P4G Seoul Summit as an opportunity to convey their commitment to green finance."

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