Warning Against Corporate 'Greenwashing'... Call for Transparent Disclosure of ESG Information

ESG Management Forum by the Korea Chamber of Commerce and Industry on the 24th

Seoul Chamber of Commerce and Industry building. (Photo by Korea Chamber of Commerce and Industry)

[Asia Economy Reporter Moon Chaeseok] The Korea Chamber of Commerce and Industry (KCCI), together with the Ministry of Trade, Industry and Energy and Samjong KPMG, announced that it held the "8th KCCI ESG Management Forum" online on the morning of the 24th. The meeting was attended by Woo Taehee, Executive Vice President of KCCI, Lee Hyunghui, Chairman of the SK SV Committee, and Kim Euihyung, President of the Korea Accounting Standards Board, among others.

Yu Hoon, head of the Korea Standards Association Center, who gave a presentation, said, "Global demands from large corporations and investors for ESG (Environmental, Social, and Governance) management are growing stronger," adding, "Companies need to explain their ESG management efforts and achievements to stakeholders through 'Sustainability Management Reports.'"

Yu said, "The non-profit organization GRI, which is related to international sustainability reporting guidelines, plans to announce 40 industry-specific disclosure standards this year," and pointed out, "Since specific standards will be included, companies cannot disclose only what they do well."

He also advised, "Sustainability management reports of domestic companies tend to be mainly composed of 'social contribution' aspects," and "In the future, reports should specifically include overall ESG content such as environment, safety, and health."

There was also a warning to be cautious of 'Green Washing,' which disguises itself as an eco-friendly image.

Lee Jongoh, Secretary General of the Korea Socially Responsible Investment Forum (KOSIF), explained, "As international demands for sustainable consumption and investment increase, green washing, which seeks to profit by riding this trend, and further ESG washing are also on the rise."

He emphasized, "Green washing not only causes a decline in consumer trust but also disrupts the overall market order, leading to social and economic losses," adding, "Green washing is a matter of sincerity, and companies must develop eco-friendly business models and disclose information transparently and actively."

The content presented on this day can be viewed from the 7th of next month on the 'Online Seminar' board on the Korea Chamber of Commerce and Industry website.

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