Saneun Elected as Member of Equator Principles Association Steering Committee... "Representative of 35 Asian Member Institutions"

Active Participation in the Association's Agenda Discovery and Decision-Making Process

[Asia Economy Reporter Jin-ho Kim] Korea Development Bank announced on the 12th that it was elected as the representative institution for the Asia region by receiving majority support in the election of participating institutions for the Equator Principles Association Steering Committee held last month. KDB is scheduled to begin a two-year term starting from the '2021 Annual General Meeting' scheduled for October.

The Equator Principles are 10 action principles to be followed to minimize expected environmental destruction and social conflicts during the construction and operation of large-scale projects. Since its announcement in 2003, it has been the global standard for environmental assessments conducted by financial institutions. As of the end of June this year, 118 institutions from 37 countries have adopted it.

KDB plans to represent 35 Asian member institutions and participate in the discovery and decision-making process of important agendas of the association, as well as lead consistent implementation of the Equator Principles and capacity building of member institutions within the Asian region. Additionally, through active activities, it plans to enhance external credibility regarding the fulfillment of social responsibility.

A KDB official explained, "We have been recognized for our efforts and environmental assessment capabilities, and have entered the association's steering committee, which has been mainly composed of advanced financial institutions."

He added, "The Equator Principles are highly related to global initiatives such as the recently emerging green taxonomy, and entering the steering committee will provide opportunities to participate in various global discussions."

Since adopting the Equator Principles for the first time in Korea in 2017, KDB has steadily strengthened its capabilities by conducting environmental assessments based on the Equator Principles for more than 100 large-scale projects. In particular, in 2019, it was appointed as the head of the working group replacing JP Morgan, leading world-renowned financial institutions, successfully completing tasks such as revising and establishing implementation guidelines for member institutions and preparing translated versions of the Equator Principles (in six languages).

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