[AAA2023] Seo Uk, CEO of Econine, "Startups Must Utilize ESG to Seize Global Opportunities"

2023 Asia AI Awards

On the 20th, at the Press Center in Jung-gu, Seoul, Seo Wook, CEO of Econine, is giving a special session lecture titled "Why AI Startups Must Practice ESG Management" at the '2023 Asia AI Awards Ceremony.' Photo by Jo Yongjun jun21@

“AI startups need to leverage ESG (Environmental, Social, and Governance) to seize opportunities globally.”

On the 20th, at the ‘2023 Asia AI Awards’ held at the Press Center in Jung-gu, Seoul, Seo Wook, CEO of Econine, emphasized this point during his lecture titled ‘Why AI Startups Should Practice ESG Management.’

He cited the recent trend where global big tech companies have started to emphasize responsible management not only for themselves but also for their affiliates as the reason for stressing ESG.

CEO Seo stated, “Large corporations are already doing well with ESG management, but the issue is that there is a growing trend to check ESG management down to first-, second-, and third-tier suppliers. For example, Microsoft has told its partners to reduce greenhouse gas emissions by 55% by 2030.”

He added, “This is called ‘Scope 3’ (all indirect emissions related to a company’s activities), and companies like Google continuously evaluate ESG performance through audits of third parties. Considering the scale and technological capabilities of startups, utilizing the ESG approach offers more global opportunities than expected.”

CEO Seo also mentioned, “The number of startup investors adopting ESG evaluation criteria is increasing. About 80% of venture capitalists responded that they consider the level of ESG management. It seems many people are still unaware of this, so more promotion is necessary.”

Furthermore, as companies compete to reduce greenhouse gas emissions by strengthening ESG management, the integration of AI technology is increasing, which CEO Seo explained is an opportunity for AI startups. He said, “Many companies are investing heavily in reducing greenhouse gases, and there is high demand for data-based simulations on climate crises or disasters and how much investment should be attracted. However, related data services are still somewhat lacking.”