KB Financial Group Obtains 'SBTi' Approval for Carbon Reduction Targets... "First in the Financial Sector"
The First Among Financial Companies in Asia and All Domestic Enterprises
[Asia Economy Reporter Park Sun-mi] KB Financial Group announced on the 15th that it has obtained approval for its carbon reduction targets from the ‘SBTi (Science Based Targets initiative).’ SBTi announced that a total of three companies, including KB Financial, were the first in the financial sector to receive approval.
The ‘SBTi’ is a global coalition established in 2015 jointly by the Carbon Disclosure Project (CDP), the UN Global Compact (UNGC), the World Resources Institute (WRI), and the World Wide Fund for Nature (WWF). It supports companies by providing guidance on setting carbon reduction targets and verifying those targets.
KB Financial’s approval from the ‘SBTi’ is the first case in Asia for a financial company and the first among all domestic companies. So far, about 970 companies worldwide have received target approval from the ‘SBTi,’ but there had been no approved cases among financial companies until now.
Therefore, this approval holds great significance as it demonstrates that KB Financial’s carbon neutrality strategy is not merely declarative but has gained global objectivity through rigorous scientific verification of its carbon reduction targets.
With this ‘SBTi’ approval, KB Financial has completed the prerequisite process of setting targets for promoting carbon neutrality. Going forward, it plans to focus its capabilities on concrete implementation, monitoring of execution results, and transparent communication with various stakeholders.
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Yoon Jong-kyu, Chairman of KB Financial, said, “This approval from the ‘SBTi’ is a milestone not only for KB Financial Group but also signifies that all domestic companies are joining efforts to reduce carbon emissions. Moving forward, KB Financial will take the lead in practical implementation and active support while advancing steps toward climate change response and carbon neutrality together with customers and society.”
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