Shinhan Financial Group announced on Feb. 7 that it has received the “Leadership A” rating in the CDP Climate Change category announced by the Korean Committee of the Carbon Disclosure Project (CDP) on Feb. 6, making it the only domestic financial institution to achieve this distinction.
CDP is a global project that requests disclosures of information related to climate change response from major companies worldwide on behalf of global financial investment institutions and publishes annual reports based on this data.
As an investment guideline for global financial institutions, CDP is set to integrate this year with the climate-related disclosure standards (IFRS S2) of the International Sustainability Standards Board (ISSB), establishing itself as a common platform for ESG disclosures targeting global companies.
Shinhan Financial is indeed the sole domestic financial institution in South Korea to have consistently received a rating of Leadership A- or higher for 11 consecutive years, starting from 2013, including achieving the Leadership A rating in 2023.
In particular, Shinhan Financial conducted the “Save Campaign,” in which all employees of the group participated last year to reduce carbon emissions through energy conservation and support vulnerable groups in energy. Furthermore, it is making efforts to promote the use of renewable energy by purchasing renewable energy certificates (RECs) and green premiums and utilizing them to offset power consumption in group data centers.
An official from Shinhan Financial stated, “Shinhan Financial Group’s achievement of receiving a Leadership A- rating or higher from CDP for 11 consecutive years, the first among domestic financial institutions in South Korea, is the result of our consistent practice of green management.”