IBK Industrial Bank and Ministry of Environment Join Hands to Promote Green Taxonomy Expansion

[Asia Economy Reporter Buaeri] IBK Industrial Bank announced on the 15th that it has signed a 'Practical Agreement for the Expansion of the Green Classification System' with the Ministry of Environment.

The Korean-style Green Classification System was developed at the end of last year to present standards for green economic activities and to support the inflow of substantial funds.

Since April this year, Industrial Bank has participated in the 'Pilot Project for the Application of the Green Classification System,' striving to expand the financial application of the green classification system and to foster the growth of the green finance market.

This year, Industrial Bank declared a coal phase-out finance policy and joined the Equator Principles. It also launched specialized financial products one after another to support the green transition of small and medium-sized enterprises (SMEs). Yoon Jong-won, President of Industrial Bank, has consistently emphasized the role of policy financial institutions in supporting the green transition of SMEs at various meetings.

An Industrial Bank official said, "The Korean-style Green Classification System is like a milestone for the transition to a green society," adding, "We will continue to actively cooperate to ensure that the green classification system is stably established in the financial field and, further, in the Korean economy."

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