Hana Financial Group Joins Global Environmental Initiative 'PCAF'

[Asia Economy Reporter Kiho Sung] Hana Financial Group announced on the 14th that it has joined the global environmental initiative, the Partnership for Carbon Accounting Financials (PCAF), to promote the spread of ESG (Environmental, Social, and Governance) management and facilitate the transition to a low-carbon economy.

PCAF is a global partnership of financial institutions that provides a unified carbon accounting standard to transparently measure and disclose greenhouse gas emissions resulting from investments and financial transactions. Financial institutions that join PCAF measure and disclose greenhouse gas emissions based on the same accounting standards, enabling the implementation of carbon emission reduction efforts grounded in objectivity and transparency.

Through this PCAF membership, Hana Financial plans to measure carbon emissions based on more transparent standards and, using this as a foundation, apply scientific methodologies to establish carbon emission reduction targets for the group’s business sites and asset portfolio.

First, to achieve carbon neutrality across all business sites by 2050, the group plans to reduce emissions by 20% by 2030, using the total greenhouse gas emissions of 63,946 tons CO₂eq in 2020 as the baseline. Additionally, the carbon emission reduction targets for each business site will be readjusted according to the Science-Based Targets initiative (SBTi) standards, and in 2022, the group plans to disclose its ‘asset portfolio carbon emission’ targets.

A representative from Hana Financial’s ESG Planning Team stated, “Through joining PCAF, we will transparently measure and disclose carbon emissions, establish and implement feasible and concrete carbon emission reduction targets, and actively take the lead in environmental and social responsibilities and roles for sustainable growth.”

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