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Jin Seungho, KIC President, Discusses Climate Change Investment Cooperation with President Macron and Others

[Asia Economy Reporter Park So-yeon] Jin Seung-ho, President of Korea Investment Corporation (KIC), discussed investment cooperation plans to achieve the goals of the Paris Climate Change Agreement with French President Emmanuel Macron, global sovereign wealth funds, and asset management company representatives.


KIC announced on the 5th that it attended the video conference of the annual meeting of the climate change-related sovereign wealth fund consortium OPSWF (One Planet Sovereign Wealth Funds), hosted by French President Emmanuel Macron on the 4th.


The meeting was attended by John Kerry, U.S. Special Presidential Envoy for Climate, Mary Schapiro, Secretary-General of TCFD, Mark Carney, former Governor of the Bank of England, and representatives from 43 institutions including global sovereign wealth funds, asset management companies, and private equity funds.


President Jin Seung-ho and other attendees discussed various climate change-related issues such as the activation of the Task Force on Climate-related Financial Disclosures (TCFD) and investment plans for renewable energy in developing countries.


OPSWF is a consortium of sovereign wealth funds established in December 2017 to support the linkage between the goals stipulated in the Paris Climate Change Agreement and the financial industry.


It aims to develop frameworks related to climate change response, encourage member institutions, investee companies, and asset managers to adopt them, and address financial risks caused by climate change.


KIC participates in OPSWF alongside numerous overseas sovereign wealth funds such as Bpifrance (France), ADIA (UAE), and NZSF (New Zealand). At this year’s annual meeting, 10 new global institutional investors, including the Greek sovereign wealth fund HCAP and three other sovereign wealth funds, joined the consortium.


As of the 4th, the total fund size of OPSWF member institutions is estimated to be $36 trillion USD (approximately 42,700 trillion KRW).


At the annual meeting, President Jin Seung-ho stated, "KIC recently established a responsible investment team and is promoting the introduction of climate change models. We are striving for ESG-related innovation in line with the anticipated socio-economic changes centered on ESG," and explained plans to expand ESG cooperation and promote green partnerships through collaboration with OPSWF member companies.


Since joining OPSWF in November last year, KIC has been expanding ESG-related partnerships with global sovereign wealth funds through ESG evaluation models and the application of carbon-related data to portfolios.


In particular, last year, KIC completed the application of an ESG integration system that considers ESG factors in all investment assets and processes, and this year, it continues efforts to innovate ESG investment by introducing exclusion strategies and expanding ESG strategic funds.


Additionally, KIC is developing a climate change response model that includes securing basic data for climate change response, measuring carbon emissions, setting scenarios, and conducting tests, aiming to introduce it by the end of this year.


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