"Nonghyup is Soon ESG"… Nonghyup Bank Joins the "Equator Principles"

[Asia Economy Reporter Kiho Sung] NongHyup Bank announced on the 19th that it has joined the 'Equator Principles' to establish an environmental and social risk management system and fulfill responsibilities among financial institutions.

The Equator Principles are a voluntary agreement among financial companies not to provide funding if there are issues of environmental destruction or human rights violations when promoting new project financing (PF). It consists of 10 principles. As of the end of July, 118 financial institutions in 37 countries have joined, and when handling PFs of over USD 10 million, funding decisions are reviewed based on the Equator Principles.

After joining, NongHyup Bank plans to train specialized personnel for Equator Principles review and revise internal regulations within the one-year grace period, and will not participate in projects that have serious impacts on the environment, climate change, or human rights when supporting PF.

Currently, NongHyup Bank is practicing environmental management by joining ISO14001, the United Nations Environment Programme Finance Initiative (UNEP FI), and the Carbon Disclosure Project (CDP) according to the financial holding company's international agreement roadmap. Going forward, it will actively participate in global initiatives to respond to climate change and firmly establish a system that complies with ESG.

Kwon Junhak, President of NongHyup Bank, stated, "With the joining of the Equator Principles, we will establish ESG management that prioritizes environment and society in the investment finance sector as well, further solidifying the perception that 'NongHyup is ESG.'"

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