KB Financial Group, led by Chairman Yoon Jong-kyu, said it joined the global environmental initiative, the Science Based Targets Initiative (SBTi), and the Partnership for Carbon Accounting Financials (PCAF).
SBTi and PCFA are global private partners who help companies set targets for reducing greenhouse gas emissions for implementation of the Paris climate agreement to limit the global average temperature increase to 1.5°C.
Upon joining SBTi, companies should set targets for reducing greenhouse gas emissions and disclose them within two years.
KB Financial Group plans to measure the group's direct and indirect greenhouse gas emissions and establish scientific-based greenhouse gas reduction goals using the methodology proposed by PCAF.
PCAF Executive Director Giel Lintost said, "We are very pleased and welcome KB Financial Group to participate in PCAF, which has more than 110 financial institutions around the world. KB Financial Group has committed to measuring and disclosing greenhouse gas emissions."
"In order to achieve the Net-Zero economy, financial institutions should play a pivotal role," a KB Financial Group official said. "We expect that the joining of this environmental initiative will be an important milestone in the actual transition to a low-carbon economy."
