NongHyup Financial Group Establishes Climate Change Response System Based on International Standard TCFD

[Asia Economy Reporter Kwangho Lee] NH Nonghyup Financial Group announced on the 30th that it has established a climate change response system in accordance with the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) and published the "2021 Nonghyup Financial Group TCFD Report," which includes the current status of related responses and future plans.

TCFD is a climate-related financial disclosure task force established by the Financial Stability Board (FSB) that presents disclosure recommendations for strategic management of corporate carbon neutrality and climate risks.

Nonghyup Financial Group is fully committed to building a phased climate change response system according to the "ESG (Environmental, Social, and Governance International Agreement Membership Plan)" established last July, and especially from the second half of this year, it is focusing internal capabilities on calculating carbon emissions, setting targets, and managing climate risks.

The environmental sector and climate change response activities of Nonghyup Financial Group are being systematically carried out according to the implementation roadmap, with a focus this year on enhancing the ESG governance system and establishing an internal carbon emissions measurement and management system.

Going forward, the group plans to establish a carbon emissions measurement system within its asset portfolio and engage in full-scale climate change response activities based on membership and implementation of reputable international agreements related to carbon neutrality such as the Partnership for Carbon Accounting Financials (PCAF), Science Based Targets initiative (SBTi), and Carbon Disclosure Project (CDP).

Chairman Byunghwan Son emphasized, "Regarding the global climate change crisis response, Nonghyup Financial Group will continue to fulfill its responsible role for local communities and stakeholders as it has in the past," adding, "In particular, we will actively utilize the capabilities and infrastructure possessed by Nonghyup Financial Group to minimize the impact of climate change on rural areas and farmers."

This content was produced with the assistance of AI translation services.