Woori Financial Group declares its 'Group ESG Vision and Mid- to Long-Term Promotion Strategy' at a group management strategy workshop in the second half on July 9. From left are Woori Bank President Kwon Kwang-seok, Woori Financial Group Chairman Sohn Tae-seung and Woori Card President Kim Jung-ki. (Photo: Woori Financial Group)

Woori Financial Group announced on July 12 that it declared the group’s ESG vision and mid- to long-term ESG strategy through a preliminary resolution by the ESG Management Committee under the Board of Directors at a workshop on group management strategy for the second half on July 9.

“Good Finance for the Next” was selected as Woori Financial Group's new ESG vision. It contains the characteristics of the financial business, group identity and ESG management goals.

In addition, Woori Financial Group declared “Plan Zero 100” as a mid- to long-term goal to achieve its new vision. Plan Zero 100 means Woori Financial Group will generate no carbon emissions and give 100 trillion won in support funds to ESC projects.

First of all, Woori Financial Group will eliminate its own carbon emissions as well as its asset portfolio carbon emissions by 2050. It concluded that climate change is an urgent agenda at the pan-national level.

In addition, Woori Financial Group suggested a specific quantitative goal of providing 100 trillion won to ESG finance, including ESG products, loans, investments and the issuance of ESG bonds by 2020.

It will enhance the sustainability of our society, and lay the foundation for the group’s sustainable growth.

In particular, Woori Financial Group plans to strengthen its ESG financial management system such as establishing standards on ESG financing, thorough follow-up management, and transparent disclosures for the purpose of giving practical financial support.

To this end, Woori Financial Group set up the ESG Financial Principles in April with approval from the ESG Management Committee, and is currently upgrading the W-Taxonomy System, an ESG financial classification system of Woori Financial Group.

“Under our new ESG vision of ‘A Better World We Create through Finance,’ we will achieve carbon neutrality by sincerely playing our original roles in finance,” Chairman Sohn Tae-seung said.

“In the future, Woori Financial Group will take the lead in creating a sustainable society where the current generation and the future generations can grow together, helping each other.”

Meanwhile, Woori Financial Group has set the year of 2021 as the first year of ESG management. The group is speeding up the establishment of an enterprise-wide ESG management system.

The Board of Directors established the ESG Management Committee in February and enacted the ESG Financial Principles in April to fulfill environmental and social responsibilities through finance and prevent ESG risks.

In the second half of this year, Woori Financial Group will also strengthen its ESG risk management system by systemizing financial support systems for ESG and upgrading its policy on measuring and managing carbon emissions from asset portfolios.

Meanwhile, the Woori Finance Multicultural Scholarship Foundation announced on June 27 that it will implement the 2021 Multicultural Family Economic and Financial Education Program to foster multicultural families’ economic knowledge and support their financial life.

The 2021 Multicultural Family Economic and Financial Education began at Mongolian School in Korea on June 9.

It will be held a total of 27 times at multicultural family support institutions in the Seoul metropolitan area starting until this October.

Students can choose either face-to-face or non-face-to face (online) methods considering the COVID-19 situation.

In particular, teachers of the education program will utilize textbooks translated into four languages (English, Chinese, Japanese and Vietnamese) to help student better understand educational contents.

In addition, game-style teaching tools were prepared so that multicultural children could easily obtain economic and financial knowledge and information.

“Economy and finance were difficult to understand,” said a 34-year-old marriage immigrant from Mongolia. “Thanks to the education program, I was able to learn about them without difficulties. Especially, I was able to review my family's spending habits while practicing the subjects with my instructors.”

“I was able to enjoy learning how to manage and use pocket money through games and quizzes,” said Daniel, a ten-year-old multicultural child who participated in the educational program with his friends.

“I will plan ahead and buy only necessary goods from now on.”

Marking its 10th anniversary this year, the Multicultural Family Economic and Financial Education Program has been orchestrated by the Woori Multicultural Scholarship Foundation for marriage immigrants and multicultural children every year since 2012.