Joining the Global Carbon Neutrality Movement... BNK Financial Group Declares Carbon Neutrality Goal

BNK Financial Group logo.

[Asia Economy Yeongnam Reporting Headquarters Reporter Hwang Du-yeol] BNK Financial Group declared its carbon neutrality goal on the 8th under the slogan "Boosting Net-zero Kit with the Local Community (BNK, Boosting Net-zero Kit)."

The declaration was made to join the global carbon neutrality movement and take the lead in transitioning to a low-carbon economy.

Carbon neutrality refers to the concept of minimizing carbon emissions caused by human activities and absorbing or removing the remaining carbon to make the actual emissions zero. It is also called "net zero" because it means making net emissions zero.

BNK Financial Group plans to reduce its internal carbon emissions (Scope 1, 2) by 37.8% by 2030 and 79.8% by 2040, aiming for carbon neutrality by 2045.

According to the global greenhouse gas accounting standard (GHG Protocol), emissions from electricity, city gas, and vehicle fuel used at headquarters and branches were measured.

For asset portfolio carbon emissions (Scope 3), the group aims for carbon neutrality by 2050, reducing emissions by 34.6% by 2030 and 66.4% by 2040.

Applying the methodology presented by the global standard PCAF (Partnership for Carbon Accounting Financials), emissions from six major asset classes including listed stocks and bonds, unlisted stocks and loans, power generation project financing, commercial real estate, mortgages, and vehicle loans were also included.

This carbon neutrality goal was determined comprehensively considering the "Science Based Targets initiative (SBTi)" aiming to respond to the climate crisis and achieve the Paris Agreement goals, as well as Korea's Nationally Determined Contribution (NDC) for greenhouse gas reduction.

BNK Financial Group established four strategic directions to achieve the carbon neutrality goal: Greening, Positive Screening, Negative Screening, and Engagement.

Additionally, various implementation plans will be promoted, including switching to eco-friendly vehicles (EV100), utilizing renewable energy (RE100), strengthening low-carbon lifestyle practices, restricting investments in the coal industry, and expanding investments in companies with excellent ESG evaluations.

Information on carbon neutrality can be found in the recently published BNK Financial Group Sustainability Management Report under the section "Climate Change Response Promotion and Strategy (Focus Area)."

Jung Young-doo, head of the BNK Economic Research Institute and leader of the group’s ESG Promotion Team, stated, "We will systematically promote detailed implementation plans not only for the group’s carbon neutrality goals but also to contribute to the low-carbon economic transition in the Southeast region."