Hana Financial Group to Phase Out Coal Financing and Pursue Carbon Neutrality
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Hana Financial Group to Phase Out Coal Financing and Pursue Carbon Neutrality
Will actively participate in carbon neutrality initiatives and contribute to the growth of the new and renewable energy market

26(Fri), Mar, 2021

Chairman Kim Jung-tai of Hana Financial Group.

Hana Financial Group declared the goal to achieve carbon neutrality at its affiliates by 2050 in order to maximize the value of stakeholders and continue to accomplish the group’s mission, which is “Finance to Grow Together and Share Happiness” in accordance with the NEXT 2030 Management Principle.

The declaration was made in line with the government's 2050 carbon neutrality initiative.

It reflected Hana Financial Group’s strong will to contribute to the expansion of the renewable energy market through the Korean economy’s transition to a low carbon economy.

At the same time, Hana Financial Group declared a plan to phase out coal financing and will stop bankrolling new projects and acquiring bonds for the construction of coal-fired power plants at home and abroad.

In addition, by completing the establishment of the Environmental and Social Risk Management (ESRM) System in the first half of 2021, the financial group will curb financial support on projects with any connection to environmental destruction and human rights violations.

Hana Financial Group will also strengthen various processes to enhance transparency in the process of implementing ESG management.

On the drawing board is “Hana-Taxonomy” based on “K-Taxonomy” of the Financial Services Commission and global standards.

The financial group plans to transparently manage ESG financial performances by reflecting environmental risk and applying product codes of the environmental system. It also plans to publish a TCFD report in June.

The report will be published based on a guide by the Task Force on Climate-Related Financial Disclosures (TCFD).

Hana Financial Group released the status of its response to climate change risks through the 2019 Sustainable Management Report.

The next new report will include a detailed analysis of climate change risks, the identification of high-risk sectors that the group should focus on in the future and a plan to develop a risk management scenario based on the detailed analysis and identification.

In addition, Hana Financial Group plans to increase its understanding and practical participation by conducting various ESG education and events for executives and employees, focusing on internalizing ESG management.

ESG training for all executives and employees, including new hires, managers, and executives, will be implemented beginning in March to enhance the group's overall understanding of ESG and develop practical business capabilities with regard to ESG.

Hana Financial Group carries out the Good Tumbler Campaign as part of its implementation of ESG management. The campaign aims to protect the environment by reducing disposable product waste in daily life. (Photos: Hana Financial Group)

Hana Financial Group plans to steadily spearhead the “One Green Step 5 Environment Campaign” focusing on promoting the use of public transportation when commuting, putting computers to sleep when not in use to save electricity, not using disposable cups, taking the stairs instead of an elevator, and not wasting food.

Additional events will be held to provide employees and customers with various opportunities to recognize and practice the financial group’s ESG movement.

In a related development, Hana Financial Group will carry out the “Good Tumbler Campaign” as part of its practice of ESG management.

Recognizing the current situation with a sharp rise in disposable product waste due to the prolonged COVID-19 pandemic, the financial group launched the campaign to protect the environment by reducing the use of disposable cups in daily lives.

The Good Tumbler Campaign to promote the use of tumblers for the environment will run for five weeks until April 16.

Customers and Hana Financial Group employees can easily participate in the campaign at any time by simply uploading their pictures of using tumblers on their personal SNS channels.

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