Woori Bank, a subsidiary of Woori Financial Group, announced on August 20 that it had adhered to the Equator Principles on August 18 to strengthen ESG management by setting up an environmental and social risk management system and fulfilling its obligations. responsibilities as a global financial institution.
The “Equator Principles” is a voluntary agreement in which 118 financial institutions in 37 countries around the world participate by failing to provide financial support for large-scale development projects that may cause environmental destruction or human rights violations. human rights.
The “Equator Principles” apply to financing of projects (PF) of USD 10 million or more and to business loans of at least USD 50 million.
Financial institutions that subscribe to the Equator Principles can only provide financial support if they pass the Equator Principles compliance review.
Woori Bank has prepared for the establishment of an Equator Principles implementation process by forming a working group (TF) at all level to quickly join the Equator Principles.
In the future, the bank plans to systematically manage the environmental and social risks that may arise from financial support such as the financing of large-scale projects (FP).
“With this subscription to the Equator Principles, Woori Bank will not only establish an ESG management system that meets global standards, but will also be competitive for sustainable management,” said Kwon Kwang-seok, president of Woori Bank. “Going forward, the bank will continue to develop sincere and responsible ESG management by fulfilling its environmental and social responsibilities as a global financial institution.
Meanwhile, Woori Bank issued ESG bonds worth around 900 billion won in the first half of this year. The bank actively carries out ESG management activities to realize its ESG vision, such as the launch of the “Woori ESG Innovative Business Loan”, which offers loan limits and preferential interest rates to ESG companies.
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