Hanwha Group's six financial institutions, including Hanwha Life Insurance, Hanwha General Insurance, Hanwha Investment & Securities, Hanwha Asset Management, Hanwha Savings Bank, and Carrot Insurance, declared "the coal-free finance of Hanwha financial affiliates" toward the carbon-zero era after a resolution and working-level review.
Under the Declaration of "Coal-free Finance," six financial companies of Hanwha Group will not participate in project financing for the construction of domestic and foreign coal power plants in the future.
They also decided not to take over bonds issued by special purpose companies (SPCs) for the construction of coal power plants at home and abroad.
Even general bonds shall not be acquired if they are used for the purpose of constructing coal power plants. Instead, they plan to continue to invest in eco-friendly assets such as renewable energy.
(Clockwise from the top left) Hanwha Life Insurance CEO Yeo Seung-joo, Hanwha Savings Bank CEO Kim Sung-il, Hanwha Asset Management CEO Kim Yong-hyun, Hanwha General Insurance CEO Kang Sung-soo, Hanwha Investment & Securities CEO Kwon Hee-baek, and Carrot Insurance CEO Chung Young-ho are declaring 'Coal-free Finance' through a non-face-face meeting. / Courtesy of Hanwha Group
The Declaration of "Coal-free Finance" is the first action plan of financial affiliates to actively participate in "Sustainable Management through the Creation of Social and Economic Value" directed by Hanwha Group.
In his New Year's address this year, Hanwha Group Chairman Kim Seung-yeon said, "ESG (environment, social and governance) has become a key management principle for global companies. As a leader in global renewable energy, we will actively respond to climate change and accelerate environmental management to lead the carbon-zero era."
In his 68th anniversary speech in October last year, Chairman Kim also stressed ESG management, saying, "Companies will be evaluated on economic, social and environmental sustainability in all areas of management, and these are already key indicators that determine the company's future."
Meanwhile, "Coal-free Finance" is a declarative activity by financial institutions that will not participate in financial investment and support for coal-fired power generation to solve climate change problems. Many social members, including local governments, educational institutions, civic groups and environmental organizations, as well as financial companies, are actively participating in the declaration.
