KB Financial 'Leadership A' · Shinhan Financial 'Platinum Club Membership'... Competition in CDP as well

KB Financial Group and Shinhan Financial Group, competing for the leading position in the domestic financial sector, are also vying for superiority in the field of eco-friendly finance.

On the 26th, KB Financial Group announced that it was the only domestic financial company to receive the highest rating, 'Leadership A,' in the '2021 Climate Change Response' category announced by the Carbon Disclosure Project (CDP).

CDP is a global project that requests disclosure of information related to climate change response from major companies worldwide and publishes reports annually. It is used as an investment guideline by global financial institutions and is considered a global sustainability evaluation index alongside the Dow Jones Sustainability Index (DJSI) and the Global 100 Sustainable Corporations.

To establish global Environmental, Social, and Governance (ESG) leadership, KB Financial Group was the first domestic financial company to disclose asset portfolio emissions measured using the Carbon Accounting Financial Association (PCAF) methodology. It declared its mid- to long-term carbon neutrality promotion strategy, 'KB Net Zero S.T.A.R.' It was the first Asian financial institution to obtain approval for carbon reduction targets from the Science Based Targets initiative (SBTi). At the group level, it established a risk management system by enacting the Environmental, Social, and Risk Management (ESRM) Code of Practice to systematically manage risks such as the climate change crisis.

Shinhan Financial Group Headquarters Building

Shinhan Financial Group was also incorporated into the 'CDP Korea Hall of Fame Platinum Club' for the first time among domestic financial companies on the same day. Shinhan Financial first entered the 'CDP Hall of Fame Gold Club' in 2018 and was included in the Platinum Club after receiving the highest level of evaluation for three consecutive years. In 2020, it announced the 'Zero Carbon Drive,' the first carbon-neutral eco-friendly strategy among East Asian financial institutions, and in October last year, Shin Yong-byeong, Chairman of Shinhan Financial, was the only representative of Asian private financial companies invited to the 26th United Nations Climate Change Conference of the Parties (COP26). Additionally, as the only Asian member participating in the UN's official partner organization, the 'Leadership Committee,' he spreads sustainable management such as carbon-neutral finance as an official ambassador alongside CEOs of 35 global financial companies. Chairman Cho said, "We will strive to accelerate eco-friendly finance by managing carbon emissions from asset portfolios and supporting the low-carbon transition of high-carbon emission industries."

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