Samsung Life Insurance to Invest 20 Trillion KRW in Eco-Friendly Finance by 2030

Establishing the Three Major ESG Strategies for 2030

[Asia Economy Reporter Oh Hyung-gil] Samsung Life Insurance recently declared its '2030 Mid- to Long-term ESG Three Major Strategies' through its ESG (Environmental, Social, and Governance) Committee, announcing on the 3rd that it will invest more than 20 trillion KRW in eco-friendly finance by 2030 and reduce carbon emissions by half.

Samsung Life Insurance established the '2030 Three Major ESG Strategies' encompassing 'Green, Co-prosperity, and Transparent Finance' under the vision of 'Beyond Insurance, a Life Finance Partner Protecting Customers' Futures.'

Over the next decade, it plans to invest more than 20 trillion KRW in eco-friendly finance such as renewable energy and ESG bonds, reduce carbon emissions by 50%, and cut paper usage by 60%.

Through co-prosperity finance, it aims to build a customer-centric management process and create a happy workplace to foster employee growth and establish an organizational culture of gender equality. To ensure transparent finance, it will enhance the expertise, diversity, and independence of the board of directors, focus on establishing ethical management, and strive to embed ESG management activities into the daily corporate culture.

Samsung Life Insurance has also joined international agreements for ESG management such as the 'Principles for Sustainable Insurance (PSI)' and the 'Carbon Disclosure Project (CDP).'

The Principles for Sustainable Insurance is an agreement proclaimed by the United Nations Environment Programme Finance Initiative (UNEP FI) to strengthen ESG management among global insurance companies.

The Carbon Disclosure Project is a nonprofit organization that annually evaluates global companies' climate change response strategies, greenhouse gas emissions information, and reduction efforts, and delivers this information to investors and financial institutions.

In March, Samsung Life Insurance joined the Task Force on Climate-related Financial Disclosures (TCFD), an international organization operated to disclose companies' climate-related financial information.

A Samsung Life Insurance official stated, "By implementing the 2030 ESG Three Major Strategies, we will communicate and grow together with stakeholders such as customers, shareholders, and local communities," adding, "We plan to introduce a process that incorporates ESG perspectives into management decision-making and promote the integration of ESG and business activities."