IBK Securities boosts ESG initiatives

CEO Suh Jung-hak

South Korea‘s IBK Securities Co. is strengthening its environmental, social, and governance (ESG) initiatives by expanding ESG-related financial products and investment portfolio.

IBK Securities announced on Thursday that it has established an ESG governance this year and is engaged in efforts to nurture related activities.

IBK Securities upgraded its ESG Committee to be under the Board of Directors in April 2024. The Committee is a body responsible for ESG management strategies. The company added an ESG Management Department, a division that plays a pivotal role in the bank’s ESG strategy.

With its greater emphasis on carbon credits, the company‘s carbon credits have grown by 10 percent over the past year, from 210,000 tons in 2023 to 230,000 tons this year.

IBK Securities recently partnered with marine data solution provider Mapsea to become the first company in Korea to offer carbon financing services tailored to the shipping industry in Europe.

Its ESG products also increased. ESG bond trade volumes in the bank amounted to 2 trillion won ($1.49 billion) in 2022 but surged by nearly 90 percent to reach 3.8 trillion won last year.