NongHyup Financial Holds 'Green Committee' Meeting Within Board... Confirms Plan to Join International ESG Agreement

[Asia Economy Reporter Kiho Sung] NongHyup Financial Group announced on the 26th that it held the 2nd Social Value and Green Finance Committee (Green Committee) and finalized the ‘NongHyup Financial ESG (Environmental, Social, and Governance) International Agreement Membership Plan.’

Chaired by outside director and environmental expert Mikyung Lee, the Green Committee is an ESG committee within the board of directors that approves and monitors the implementation of ESG strategies. This marks the activation of an ESG driving system to enhance NongHyup Financial’s global ESG credibility. With the ‘ESG International Agreement Membership Plan’ submitted to the Green Committee, NongHyup Financial plans to join ESG international agreements step-by-step and systematically.

In particular, aligning with the Paris Agreement that came into effect this year, NongHyup Financial intends to internalize international standards for carbon emission measurement and reduction target setting methodologies, and actively participate in international agreements to bring about substantial changes. To this end, the group will form and operate an international agreement task force (TF) and steadily follow a roadmap to complete the Task Force on Climate-related Financial Disclosures (TCFD) support declaration and implementation disclosure by the end of this year. Additionally, in the second half of this year, NongHyup Bank is proceeding with the process to join the Equator Principles, and NongHyup Life Insurance and NongHyup Property & Casualty Insurance are undertaking procedures to join the Principles for Sustainable Insurance (UNEP FI-PSI).

Son Byunghwan, Chairman of NongHyup Financial, emphasized, “NongHyup Financial must practically participate in international agreements as it aims to adhere to international standards for climate change response,” adding, “Based on the know-how and capabilities gained through this, we will actively contribute to achieving carbon neutrality in agriculture and rural areas.”