CJ CheilJedang Develops 'Climate Risk Management Model' with FSC and Others

by Lim Hyeseon

Published 13 Sep.2021 16:10(KST)

On the morning of the 13th, representatives from industry, government, and academia, including CJ CheilJedang CEO Choi Eun-seok (far left), who attended the 'International Climate Risk Management Model Development' business agreement ceremony held at the British Embassy in Sejong-daero, Jung-gu, Seoul, are posing for a commemorative photo after signing the agreement.

[Asia Economy Reporter Lim Hye-seon] CJ CheilJedang announced on the 13th that it has signed a business agreement for the development of an 'International Climate Risk Management Model' (Frontier -1.5D) through collaboration among industry, government, and academia, including the Financial Supervisory Service, the British Embassy, and Ewha Womans University.

The signing ceremony was attended by CJ CheilJedang CEO Choi Eun-seok, Financial Supervisory Service Governor Jung Eun-bo, Simon Smith, British Ambassador to Korea, Kim Eun-mi, President of Ewha Womans University, Kim Joon, CEO of SK Innovation, John Rim, CEO of Samsung Biologics, Yoon Jong-kyu, Chairman of KB Financial Group, and Cho Yong-byeong, Chairman of Shinhan Financial Group.

'Frontier -1.5D' embodies the commitment to realize the international agreement to limit global warming to within 1.5℃ above pre-industrial levels. Participating companies will be responsible for analyzing and researching climate risk-related data by industry, and CJ CheilJedang will estimate the anticipated costs across the food industry due to climate change and carbon neutrality policies and develop a model to manage these costs.

This agreement is significant as it marks the first international attempt for financial authorities, companies, academia, and foreign authorities to collaborate in responding to climate risks. It is expected to systematically analyze climate risks across the economy and industry using practical data.