Woori carbon reduction goals earn scientific imprimatur

Woori Financial Group’s carbon reduction goals have been validated by the Science Based Targets initiative (SBTi).

A poster promotes Woori Financial Group's ESG initiative [WOORI FINANCIAL GROUP]

Woori Financial Group’s carbon reduction goals have been validated by the Science Based Targets initiative (SBTi), a program that drives greenhouse gas reductions in the private sector by enabling companies to set and validate science-based climate targets.

The SBTi, established in 2015, brings together organizations such as the United Nations Global Compact, World Resources Institute and the World Wide Fund for Nature. Around 6,000 companies take part in the program worldwide.

Woori plans to reduce carbon emissions at its workplace by 42 percent from its 2022 numbers by 2030.

It also aims to cut carbon emissions generated by companies to which it provides financial services by 27 percent in the same period.

The financial group's ultimate goal is to achieve carbon neutrality by 2050.

Woori said it will expand investment in green finance to help achieve a low carbon economy.

“In order to respond to the climate crisis and to achieve carbon neutrality, sustainable actions and transparency are very important on top of establishing the goals,” said Woori Financial Group Chairman Yim Jong-yong in a statement.

"Woori will continue to do its best to prevent greenwashing through transparent regulatory filings on ESG and to become a highly trusted company.”

Woori’s goals were validated two months after they were filed.

BY JIN MIN-JI [jin.minji@joongang.co.kr]