KB Financial Group Selected as Lead Bank of Net-Zero Banking Alliance..."Recognized in Climate Finance"
Chairman Yoon Jong-kyu: "We Will Fulfill Our Roles and Responsibilities in Addressing Climate Change with Global Banks"
[Asia Economy Reporter Park Sun-mi] KB Financial Group announced on the 29th that it has been elected as the Asia-Pacific regional representative bank on the Operating Committee, the highest decision-making body of the Net-Zero Banking Alliance (NZBA).
The NZBA Operating Committee is responsible for establishing implementation plans for the spread of carbon neutrality among global financial companies, supporting global policies, and encouraging participation. KB Financial, along with Standard Chartered, Bank of America, BBVA, and other global financial companies representing each continent, were selected through votes by member companies, totaling 12.
KB Financial will serve as the Asia-Pacific regional representative on the Operating Committee for two years together with Japan's MUFG. The Operating Committee operates under a dual system consisting of the Supreme Committee (CEO) and the Representative Committee (executives). KB Financial Chairman Yoon Jong-kyu will participate directly in meetings and oversee current issues as the Supreme Committee member of the NZBA Operating Committee.
Chairman Yoon said, “The selection to the NZBA Operating Committee is significant as it establishes a foundation to proactively discuss climate change response with global banks as a representative not only of South Korea but also of the Asia-Pacific region,” adding, “We will fulfill our role and responsibility as a financial company representing the Asia-Pacific region.”
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Meanwhile, in June, KB Financial declared group-wide carbon neutrality to lead the transition to a low-carbon economy through the core role of finance. By 2030, it plans to expand ESG (environmental, social, and governance) products, investments, and loans to 50 trillion KRW, focusing 25 trillion KRW of that on renewable energy and other eco-friendly sectors.
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