JB Financial Group Declares Goal to Achieve 'Net Zero' by 2045

Achieving Carbon Neutrality with Own Emissions Targeted for 2035 and Financial Emissions for 2045
67% Reduction in Own Emissions by 2030... 30% Reduction in Financial Emissions by 2025 Targeted

[Asia Economy Reporter Yu Je-hoon] JB Financial Group is aiming for 'Net Zero (carbon neutrality)' by 2045.

On the 7th, JB Financial Group announced that it will pursue carbon neutrality with targets of its own emissions by 2035 and financial emissions by 2045 to transition to a low-carbon economy.

In the second half of last year, JB Financial Group joined the Partnership for Carbon Accounting Financials (PCAF) and the Science Based Targets initiative (SBTi) to measure carbon emissions and set reduction targets, and completed the measurement of both its own and financial emissions according to the required standards.

Its own emissions were measured including not only owned assets but also leased assets, and financial emissions were transparently measured covering corporate loans, listed company stocks and bonds, power project financing (PF), commercial real estate, as well as optional items required by SBTi.

JB Financial Group stated, "We measured financial emissions across a broader asset scope than the mandatory range of SBTi," adding, "Through this, we aim to increase the reliability of reduction targets and establish a company-wide carbon neutrality reduction strategy rather than sectoral reduction targets."

Accordingly, JB Financial Group calculated its own carbon dioxide (CO2) emissions at approximately 20,000 tons and financial emissions at about 980,000 tons. The group plans to reduce its own emissions by 67% by 2030 with a goal of carbon neutrality by 2035, and reduce financial emissions by 30% by 2025 with a goal of carbon neutrality by 2045.

Meanwhile, JB Financial Group has been systematically carrying out ESG activities since the first half of last year by establishing the group's environmental, social, and governance (ESG) strategic direction and detailed strategic tasks. In particular, to transition to sustainable future finance in the environmental sector, it completed joining global environmental initiatives such as the Net-Zero Banking Alliance (NZBA) and the Task Force on Climate-related Financial Disclosures (TCFD) in August last year. A JB Financial Group official said, "We will strengthen the low-carbon management system and fulfill our role and responsibility as a leading ESG management group."

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