Woori Financial Group reveals progress in sustainable management

Woori Financial Group said Friday it released its annual sustainability report containing the conglomerate's initiatives and achievements pursued last year to strengthen its environmental, social and governance endeavors.

“At Woori Financial Group, all executives and employees will work together to achieve the ESG vision of ‘a better world we create through finance’ and contribute to the sustainable development of our society,” Woori Financial Group Chairman Yim Jong-Yong said in the statement.

With the ultimate goal of achieving net-zero greenhouse gas emissions by 2050, the 2023 Sustainability Report covered three main topics -- establishment of mid- to long-term carbon reduction goals, measures for reducing financial emissions, and obtaining a certification from Science Based Targets initiative.

SBTi refers to a global body enabling businesses to set ambitious emissions reductions targets in line with the latest climate science.

The annual report includes information on the group’s financial support programs and social contribution activities, which are carried out by an affiliated non-profit foundation.

The scope of information disclosure regarding financial consumer protection, customer-centered management, and talent management has also been expanded, according to Woori.

Woori said the sustainability paper is aligned to recommendations provided by the TCFD, an organization established by the Financial Stability Board to develop a framework to help public companies disclose climate-related risks and opportunities.

Recognized for the sustainable management performance that has been consistently promoted, the group received the highest rating of AAA in the MSCI ESG Ratings, a globally recognized benchmark for ESG investments last year.

It was also granted a presidential commendation for sustainability management and a commendation from the chairman of the Financial Services Commission in the inclusive finance sector in 20