Intellasia East Asia News – At COP26, KB chief vows ‘positive strategy’ for green shift

KB Financial Group Chair Yoon Jong-kyoo shared the banking group’s plans in combating climate change at an invitation-only meeting of senior officials across global sectors and governments held Wednesday at the 2021 United Nations Climate Change Conference in Glasgow, Scotland, the firm said Thursday.

At the 9th High-Level Meeting of Caring for Climate, held online and offline simultaneously, Yoon was invited on behalf of the global finance sector to speak on the topic of achieving a just, equitable and inclusive transition to a net-zero society. UN Secretary-General Antonio Guterres, Greenpeace International Executive director Jennifer Morgan and British drugmaker AstraZeneca PLC Chair Leif Johansson were among those invited to speak at the meeting.

The Seoul-based banking group chief, via video conference, said that while just eliminating high carbon businesses from the portfolio would be an easy way to achieve net-zero through “negative strategy,” KB Financial plans to adopt a “positive strategy” in which it would finance the industries’ shift towards low and zero-carbon projects.

On cooperation with the UN-convened Net-Zero Banking Alliance, Yoon highlighted the role of the global banking alliance in bringing together businesses to achieve the common goal of creating a net-zero society.

Yoon also vowed that KB Financial would work as a leader in the Asia-Pacific to boost and encourage participation of bankers in the region to combat climate change.

KB Financial is currently South Korea’s No. 1 banking group by assets, holding 650.5 trillion won ($548.6 billion) as of end-September.


Category: Korea

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