Yoon Jong-kyu, KB Financial Group Chairman, Discusses NZBA Strategic Directions with Global Banks

by Park Sunmi

Published 14 Dec.2021 10:01(KST)

Chairman Yoon Emphasizes "Expanding and Strengthening Support for Net Zero Strategies Centered on Southeast Asia Where KB Has Entered"

On the 13th, KB Financial Group Chairman Yoon Jong-kyu participating in the 'Net Zero Banking Alliance Steering Group Principals Meeting (NZBA Steering Group Principals Meeting)' at the new building of KB Kookmin Bank in Yeouido.

[Asia Economy Reporter Park Sun-mi]Yoon Jong-kyu, Chairman of KB Financial Group, stated at the 'Net-Zero Banking Alliance (NZBA) CEO Meeting,' attended by global bank leaders, that he will focus on spreading and supporting net-zero strategies.

According to KB Financial on the 14th, Chairman Yoon attended the NZBA CEO meeting held at 10 p.m. the previous night (Korean time) as the representative of the Asia-Pacific region, solidifying his status as a global leader in ESG (Environmental, Social, and Governance) fields. The meeting, which Chairman Yoon attended, was organized to evaluate the achievements of NZBA activities so far and to set the strategic direction for NZBA in 2022, including the role of banks in addressing the climate crisis.

As a way to fulfill the social responsibility of achieving net-zero, Chairman Yoon proposed measures such as disclosure of carbon emissions by small and medium-sized enterprise (SME) client companies, adjustment of business models, consulting and educational support for eco-friendly adoption, increased investment in carbon emission reduction and capture technologies, and strengthening NZBA’s role as a net-zero knowledge hub.

Chairman Yoon also emphasized, “As a bank representing Asia, KB Financial will focus on spreading and supporting net-zero strategies in cooperation with banks in the Southeast Asian region where KB Financial mainly operates.”

The meeting gathered 12 CEOs from global banks representing five continents, including Audrey Choi, CEO of Morgan Stanley’s Sustainable Investing Division, and Philippe Heim, Chairman of La Banque Postale.

In the keynote speech, Mark Carney, former Governor of the Bank of England and UN Climate Envoy, said, “NZBA has performed well as a pioneer in the private sector representing the financial industry,” and added, “Now, it is expected to play a role in discovering and spreading best practices for concrete implementation.”

Based on the discussions, NZBA plans to announce various activity guidelines for carbon neutrality implementation by governments and stakeholders, including emerging markets, within 2022, and to expand NZBA’s role and influence at COP27 (the 27th UN Climate Change Conference of the Parties) scheduled to be held in Egypt in November 2022.

A KB Financial official said, “Since being elected as the representative bank of the NZBA Steering Committee, KB Financial has regularly discussed implementation plans for spreading carbon neutrality and ways to support and encourage participation in policies with 12 global financial companies representing each continent,” adding, “This meeting, the first CEO meeting since NZBA’s establishment, will serve as an opportunity to emphasize the role of banks in accelerating the implementation of carbon neutrality.”