NH Nonghyup Insurance Expands ESG Investments... From ESG Funds to Coal Phase-Out Financing

NH Nonghyup Property & Casualty Insurance announced on the 11th that it held the 2nd ESG (Environmental, Social, and Governance) Advisory Committee meeting and decided to expand investments related to ESG.

[Asia Economy Reporter Oh Hyung-gil] NH NongHyup Property & Casualty Insurance announced on the 11th that it held the 2nd ESG (Environmental, Social, and Governance) Advisory Committee meeting and decided to expand investments related to ESG.

NongHyup P&C Insurance signed a discretionary investment contract for ESG bonds in February and will also invest in the Green New Deal Infrastructure ESG Fund managed by NongHyup Financial Group. It has also prepared a plan to promote investments of approximately 350 billion KRW by 2025 in connection with the K-New Deal.

Additionally, it will establish underwriting standards for coal phase-out finance. The company plans to reorganize underwriting standards for general insurance related to the construction of new domestic and overseas coal-fired power plants and continue efforts to strengthen underwriting support for the renewable energy industry.

Furthermore, it plans to participate in the Principles for Sustainable Insurance (PSI), an international agreement pursuing sustainable management for insurance companies. The Principles for Sustainable Insurance is an international agreement declared by the United Nations Environment Programme Finance Initiative (UNEP FI).

Choi Chang-soo, CEO of NongHyup P&C Insurance, said, "As our vision 'ESG Friendly 2025' suggests, we will firmly establish ESG management in the long term," adding, "We will strive to enhance corporate social value and the image of green finance in line with NongHyup Financial Group's ESG management."

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