Five Financial Associations Including Korea Federation of Banks to Develop Practical Guidelines for 'Green Finance'

[Asia Economy Reporter Kim Jin-ho] On the 8th, five financial associations including the Korea Federation of Banks, Korea Financial Investment Association, Korea Life Insurance Association, Korea Non-life Insurance Association, and Korea Credit Finance Association announced that they have prepared the "Green Finance Handbook for the Financial Sector" as part of the "2021 Green Finance Promotion Plan."

The "Green Finance Handbook for the Financial Sector" is a practical guide summarizing considerations for financial companies in carrying out green finance tasks. It consists of ▲ key contents of green finance ▲ guidelines ▲ operational cases ▲ related Q&A and practical interpretations ▲ terminology, among others.

In particular, it includes global initiative guidelines and domestic and international financial company operational cases that can be used as reference materials when financial companies autonomously carry out green finance tasks, rather than regulations that all financial companies must uniformly comply with.

The handbook will be finalized and published in March next year after collecting opinions from financial companies and undergoing a supplementation process. The plan is to continuously promote detailed content supplementation and revision after field application by financial companies to ensure the establishment of green finance.

A Korea Federation of Banks official explained, "By presenting both the direction financial companies should take regarding green finance and actual operational cases that can be referenced, it is expected to contribute to the activation of green finance and the transition to a low-carbon economy."