Koh Seung-beom, Financial Services Commission Chairman, "Expanding Financial Support for Carbon Neutrality"

The 11th Korea-Denmark Green Growth Alliance Meeting Held

Financial Services Commission Chairman Ko Seung-beom is delivering a welcome speech via video at the 11th Korea-Denmark Green Growth Alliance Meeting held on the 22nd.

[Asia Economy Reporter Song Hwajeong] Ko Seung-beom, Chairman of the Financial Services Commission, announced plans to expand financial support for carbon neutrality and gradually mandate the disclosure of sustainability management reports to respond to the climate crisis.

Chairman Ko made these remarks in a video welcome speech at the 11th Korea-Denmark Green Growth Alliance Meeting held on the 22nd. He stated, "A leading role of the financial sector is essential to respond to the climate crisis," adding, "To this end, we plan to expand financial support for carbon neutrality and gradually mandate the disclosure of sustainability management reports." Furthermore, Chairman Ko said, "To ensure financial stability, we will proactively prepare by conducting climate stress tests for the financial sector regarding climate risks arising during the carbon neutrality process and by encouraging the establishment of climate risk management systems."

Considering the COVID-19 quarantine situation, this meeting was held in a hybrid format, simultaneously online and on-site. It was the first bilateral event since the Korea-Denmark summit held during the P4G Seoul Summit in May last year. Government officials, financial institutions, and corporate representatives from both countries attended to discuss the role of finance in achieving carbon neutrality. Attendees included Chairman Ko, Kim Hyo-eun, Climate Change Ambassador of the Ministry of Foreign Affairs, representatives from the Korea Development Bank, Export-Import Bank of Korea, KB Financial Group, Samchully Asset Management, Christian Stenberg, Deputy Minister of Denmark’s Ministry of Climate, Energy and Utilities, Einer Jensen, Ambassador of Denmark to Korea, and representatives from EKF (Export Credit Agency), Ørsted (Power Company), CIP (Energy Infrastructure Investment Company), and PensionDanmark (Pension Fund).

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