Shinhan Financial chief highlights net-zero goals at COP26

Shinhan Financial Group Chairman Cho Yong-byoung vowed to contribute to South Korea’s swift transition into a carbon neutral society with the financial giant‘s net-zero goals at the 2021 United Nations Climate Change Conference in Glasgow, Scotland, the firm said Thursday.

The chief of Korea’s second-largest banking group by total assets on late Wednesday introduced Shinhan Financial’s own plans to achieve carbon neutrality in finance dubbed the “zero carbon drive.” The plan involves measuring and reducing the amount of carbon emissions in the firm’s asset portfolio and financially support industries with high carbon emissions such as cement, steel and petrochemicals to adopt eco-friendly ways.

Cho vowed to further focus on Shinhan Financial’s role in the global path towards carbon neutrality.

The Shinhan chief’s remarks of net zero goals were made at the Marrakech Partnership event at COP26. The Marrakech Partnership for Global Climate Action is a global partnership that supports the implementation of the Paris Agreement by connecting governments, cities and businesses.

Prior to the Marrakech Partnership event, Cho on Wednesday participated in a debate on financing the low carbon transition with chiefs of global financial giants including the heads of US-based investment management firm BlackRock and Dutch pension investment company APG, according to Shinhan Financial.

Cho, on Nov.9, is scheduled to attend an event organized by the Seoul-based Global Green Growth Institute -- a treaty-based inter-governmental international development organization promoting sustainable economic growth -- and promote Asia’s fourth-largest economy’s net-zero drive.

COP26 kicked off on Oct. 31 and will wrap up on Nov. 12.

Shinhan Financial Group recently reported its third-quarter net profit of 1.14 trillion won ($979.9 million), down 2.1 percent on-year. Its total assets stood at 638.7 trillion won as of end-September, ranking No.2 among local banking groups by size of assets in the period. KB Financial Group, Shinhan’s industry rival, ranked No.1 with 650.5 trillion won in the same period.

By Jung Min-kyung (mkjung@heraldcorp.com)