NongHyup Financial Group Strengthens ESG Management with TCFD Support Declaration
[Asia Economy Reporter Kiho Sung] NH Nonghyup Financial announced on the 1st that it has executed a support declaration for the Task Force on Climate-related Financial Disclosures (TCFD) to proactively respond to climate change risks and establish global standards for ESG (Environmental, Social, and Governance) management.
TCFD is a consortium established by the Financial Stability Board (FSB) in 2015, which formulated recommendations for climate-related financial disclosures in June 2017. Currently, major global countries including the United Kingdom are strengthening regulations on climate-related information disclosure, and TCFD is becoming the international standard for this.
To implement TCFD disclosures and systematically join international agreements, Nonghyup Financial established an 'International Agreement Membership Plan' at the Social Value and Green Finance Committee in July. Accordingly, starting with this TCFD support declaration, it is gradually expanding its membership in international agreements. This year, NH Nonghyup Financial Group has completed membership in the 'Principles for Responsible Banking,' NH Nonghyup Bank in the 'Equator Principles,' and NH Nonghyup Life Insurance and NH Nonghyup Property & Casualty Insurance in the 'Principles for Sustainable Insurance,' respectively. In addition, a group-level task force has been formed to measure carbon emissions, set reduction targets, and plans to publish a TCFD implementation disclosure report by the end of this year.
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Chairman Byunghwan Son emphasized, “Practical implementation of international agreements is more important than anything else to walk the right path of ESG management,” and urged, “Taking the TCFD support declaration as an opportunity, NH Nonghyup Financial must fulfill its role not only in climate-related financial disclosures but also in minimizing the impact of climate change on our agriculture.”
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