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Woori Financial Group announced that it would implement a “coal-free finance” policy towards achieving its goal to go carbon neutral by 2050.
The CEOs of Woori's subsidiaries have all agreed to stop financing and bond purchases related to coal power plant constructions while existing investments in such projects would be discontinued upon maturities.
Instead, Woori will expand its investment in renewable energy development including carbon fuel cell, wind power, and solar energy.
The firm added that vehicle charging stations will be installed in its flagship unit Woori Bank’s branches for test-runs next year.
Woori would launch a special team for environmental, social, and governance (ESG) tasks and establish a committee formed of subsidiaries to discuss strategies.
According to Woori Financial Group Chairman Sohn Tae-Seung, the group plans to add ESG among it core values to long-term management goals next year, which would start their active pursuit towards ESG management.
In August, Woori announced it would funnel 10 trillion won in projects under Korea’s 5-year Green New Deal and Digital New Deal initiatives, which would digitalize its economy into an eco-friendly society.
Woori is among several firms across the nation that pledged active support for the 2050 net-zero carbon vision.
