EY Hanyoung Launches Dedicated Team for ESG One-Stop Advisory Services

[Asia Economy Reporter Park Jihwan] Accounting and consulting firm EY Hanyoung announced on the 20th that it will launch a specialized ESG (Environmental, Social, and Governance) organization called the 'ESG Impact Hub.'

The ESG Impact Hub is an organization that responds to ESG issues at a company-wide level. It is led by Partner Park Jaeheum, leader of Climate Change and Sustainability Services (CCaSS), and operates in close collaboration with existing audit, strategy and financial advisory, tax, consulting, and financial business divisions. Partner Park Jaeheum is an ESG expert with about 20 years of extensive experience in sustainability management for major domestic companies, gained through work with public institutions and global consulting firms.

The ESG Impact Hub plans to provide one-stop advisory services on various ESG-related issues. Its service areas include regulatory compliance, investment advisory, non-financial disclosure systems, M&A, new market development, and business model innovation. EY Hanyoung will also upgrade several existing services by integrating ESG issues. The ESG Impact Hub participates in various ESG-related forums, academic societies, and regulatory drafting activities.

According to an EY Hanyoung report, the carbon border tax that domestic companies must pay to the United States, European Union (EU), and China in 2023 is expected to be about 610 billion KRW, reaching 1.87 trillion KRW by 2030. Domestic companies need to develop new technologies to reduce carbon emissions in order to lower the carbon border tax and enhance export competitiveness.

Park Yonggeun, CEO of EY Hanyoung, said, "ESG is an essential area that each company must fully respond to for growth and survival," adding, "Through the launch of the ESG Impact Hub, we will broadly support Korean companies in addressing the crises they face related to ESG."

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