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THE INVESTOR
January 24, 2022

Market Now

Shinhan Financial chief stresses net-zero goals at COP26

  • PUBLISHED :November 05, 2021 - 10:59
  • UPDATED :November 05, 2021 - 10:59
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Shinhan Financial Group Chairman Cho Yong-byoung speaks at the Marrakech Partnership event held as part of COP26 in Glasgow on Nov. 3. (Shinhan Financial Group)

Shinhan Financial Group Chairman Cho Yong-byoung vowed to contribute to South Korea’s swift transition into a carbon-neutral society with the financial giant’s net-zero goals at the 2021 United Nations Climate Change Conference in Glasgow, Scotland, the firm said Nov. 4.

The chief of Korea’s second-largest banking group by total assets on late Nov. 3 introduced Shinhan Financial’s own plans to achieve carbon neutrality in finance, dubbed the “zero carbon drive.” The plan involves measuring and reducing the amount of carbon emissions in the firm’s asset portfolio and financially supporting industries with high carbon emissions such as cement, steel and petrochemicals to adopt eco-friendly ways.

Cho vowed to further focus on Shinhan Financial’s role in the global path toward carbon neutrality.

The Shinhan chief’s remarks were made at the Marrakech Partnership event at COP26. The Marrakech Partnership for Global Climate Action is a global partnership that supports the implementation of the Paris Agreement by connecting governments, cities and businesses.

Prior to the Marrakech Partnership event, Cho on Wednesday participated in a debate on financing the low-carbon transition with chiefs of global financial giants, which included the heads of US-based investment management firm BlackRock and Dutch pension investment company APG, according to Shinhan Financial.

Cho, on Nov. 9, is scheduled to attend an event organized by the Seoul-based Global Green Growth Institute -- a treaty-based intergovernmental international development organization promoting sustainable economic growth -- to promote Asia’s fourth-largest economy’s net-zero drive.

COP26 kicked off on Oct. 31 and will wrap up on Nov. 12.

Shinhan Financial Group recently reported its third-quarter net profit of 1.14 trillion won ($979.9 million), down 2.1 percent on-year. Its total assets stood at 638.7 trillion won as of end-September, putting it at No. 2 among local banking groups by size of assets in the period. KB Financial Group, Shinhan’s industry rival, ranked No. 1 with 650.5 trillion won in the same period.



By Jung Min-kyung (mkjung@heraldcorp.com)







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