[Global Finance Awards] Woori Bank integrates ESG values with finance

Woori Bank has been upholding environmental, social and governance values through issuance of ESG bonds and supporting green projects here.
The lender won the Prime Minister Awards at the 2020 Global Green Management Excellence Awards co-hosted by Ministry of Environment and the Ministry of Trade, Industry and Energy. The award was created in 2006 to shed light on those that contribute to state-planned green projects.

Woori’s issuance of sustainable bonds and financial support for renewable energy projects was praised by the government for its efforts to participate in the 12.9 trillion won Green New Deal policy announced earlier this year, the firm said.

To support ESG management, it has been upgrading its energy efficiency to reduce greenhouse gas and expanding it support and infrastructure for electric cars and charging stations.

Earlier this month, the bank’s holding group Woori Financial Group partnered with the state-run Korea Southern Power to financially support the utility company’s solar energy, hydrogen and fuel cell projects. As part of the deal, both firms would cooperate on designing a business model where Korean citizens could participate in using all forms of renewable energy.

Both companies have worked side-by-side on wind and biomass energies so far.

The banking group in July vowed to funnel 10 trillion won ($9 billion) by 2025 into the Korean New Deal projects.

On top of its renewable energy projects, the holding group said on Nov. 25 that it has set up a 200 billion won fund to invest in social infrastructure projects.

Called the “Woori Global Infra New Deal Fund,” it aims to finance the development of smart logistics centers and traffic facilities as well as eco-friendly social infrastructure, the fund will first invest in a tech-based logistics center in Hwaseong, Gyeonggi Province.

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