JB Financial Group announced on November 2 that it became the first regional financial group to join the Net-Zero Banking Alliance (NZBA).
Founded under the leadership of the United Nations, NZBA is a global banking leadership coalition that aims to achieve carbon neutrality by 2050.
As of last month, a total of 87 major financial institutions in 36 global countries, including Bank of America, Goldman Sachs, Morgan Stanley, Deutsche Bank, HSBC, and Standard Chartered, have signed up.
Financial institutions joining the NZBA must agree to make the greenhouse gas emissions contained in their portfolios of assets net-zero by 2050. They also need to set intermediate targets every five years from 2030.
Along with joining the NZBA, JB Financial Group plans to continue its efforts such as a mid- to long-term reduction goal for greenhouse gases to limit the rise in average temperature to within 1.5℃, setting priority management areas for greenhouse gas emissions, setting reduction targets based on scientific methodologies, and regular disclosure of information related to the implementation of carbon-neutral net zero for the transition to a low-carbon economy.
The company is making efforts to establish an integrated management system in all areas related to climate change, such as establishing a governance, strategy, risk management, and target performance management system by joining the Task Force on Climate-related Financial Disclosures (TCFD).
Starting with the joining of NZBA and TCFD, JB Financial Group will focus its capabilities on one of the group's three ESG strategic directions, "Transition to a sustainable future finance" sector.
The company plans to fulfill its public role as a financial institution by systematically establishing greenhouse gas reduction goals to achieve Net-Zero.
