Suhyup Bank's Green Finance Loan Balance Reaches 1.2 Trillion Won... "Considering 200 Billion Won ESG Bonds"
2022 Sh Suhyup Bank Sustainability Management Report
Total Social Contribution Expenditure 38.6 Trillion KRW
Only 1 Female Executive Among 8 Executives (12.5%)
[Asia Economy Reporter Song Seung-seop] Sh Suhyup Bank announced on the 8th the release of the ‘2022 Sh Suhyup Bank Sustainable Management Report,’ revealing that the balance of green finance loans reached 1.29 trillion KRW last year. Since 2016, the amount of waste collected through coastal environmental cleanup activities has been recorded at 1,003 tons.
The report includes sustainable management performance and future plans in the areas of Environment, Social, and Governance (ESG). The total expenditure on social contribution activities was identified as 3.86 trillion KRW, and greenhouse gas emissions amounted to 6,946 tCO2eq (tons of CO2 equivalent). The proportion of female talent was disclosed as 46.8%. However, when limited to senior positions, there was only 1 female executive (out of 8), 299 female employees at grade 2 or higher (31.1%), and 1 female director (out of 7), indicating insufficient representation.
In the environmental sector, the bank mentioned leading the green economy transition through its ‘Coal Phase-out Finance Declaration.’ Suhyup Bank plans to increase ESG-related loans and issue ESG bonds. It will establish a management system for this purpose and is considering the concurrent issuance of green bonds, social bonds, and sustainability bonds. The scale of green bond issuance is expected to be around 200 billion KRW and will be pursued according to next year’s formal business and funding plans. Loans provided to eco-friendly companies are planned to increase to 600 billion KRW by 2026.
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Kim Jin-gyun, President of Suhyup Bank, emphasized, “Despite the rapidly changing business environment, Suhyup Bank has achieved stable growth in profitability, growth potential, and soundness,” adding, “Beyond financial growth, we will continuously strive with responsibility to promote mutual growth among all Suhyup Bank stakeholders and enhance environmental and social values.”
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