NongHyup Financial Group Signs Business Agreement to Develop Climate Risk Management Model

[Asia Economy Reporter Eunju Lee] On the 8th, NongHyup Financial Group signed a business agreement to develop a climate risk management model in cooperation with the Financial Supervisory Service, major companies, Ewha Womans University, and the British Embassy in Korea at the British Embassy in Jung-gu.

The signing ceremony was attended by Sohn Byung-hwan, Chairman of NongHyup Financial Group; Lee Bok-hyun, Governor of the Financial Supervisory Service; Colin Crooks, British Ambassador to Korea; Kim Eun-mi, President of Ewha Womans University; Ham Young-joo, Chairman of Hana Financial Group; Pyeon Jeong-beom, CEO of Kyobo Life Insurance; Nam Yi-hyun, CEO of Hanwha Solutions; Kim Jong-seo, CEO of Hanwha Total; and Kwon Hee-baek, CEO of Hanwha Investment & Securities.

According to the agreement, participating companies including NongHyup Financial Group will analyze their own data related to climate risk, Ewha Womans University will collaborate with companies to conduct research methodology and model development, the Financial Supervisory Service will coordinate cooperation among participating institutions and share know-how on climate risk management, and the British Embassy will provide advisory roles related to climate risk as a leading country in global climate change response.

Chairman Sohn Byung-hwan emphasized, “Through model construction, we will utilize it for management decision-making such as stress tests reflecting climate risk, and by developing models specialized for NongHyup Financial Group, we will enhance climate risk management capabilities and contribute to achieving global carbon neutrality.”