Amcham seminar highlights ESG standards in global sustainability leadership

A seminar hosted by the American Chamber of Commerce in Korea discussed the importance of ESG standards and energy self-reliance.

James Kim, center in the front row, the chairman and CEO of the American Chamber of Commerce in Korea (Amcham), and speakers and panelists at the Amcham Sustainability Seminar 2024 take a group photo at the Four Seasons Hotel in central Seoul on Thursday. [AMCHAM]

Strong environmental, social and governance (ESG) disclosure standards are essential for Korea to build solid leadership in the global sustainability agenda, according to Han Yi, chairman of the Korea Accounting Standards Board, while participating in a seminar hosted by the American Chamber of Commerce in Korea (Amcham) on Thursday.

"We can leverage this climate crisis as an opportunity through informed investment decisions, which makes high-quality sustainability information essential," he said during the seminar at the Four Seasons Hotel in central Seoul. "We need a framework to ensure companies provide reliable comparable information about their business operations in ESG."

"Global leadership in sustainability all begins with solid sustainability standards," Yi said, adding that the government is considering a legislative mandate on disclosure next year.

The Sustainability Seminar 2024 invited around 90 experts from government, corporations and academics to share their insights on the impacts of the evolving regulatory landscape on sustainability in Korea and the strategies companies take to navigate the risks and opportunities.

Choe Seung-ho, representative director of Pacifico Energy Korea, urged strengthened investment in offshore wind energy production, a sector where Korea is highly advantageous geographically. Choe also serves as the co-chair of the Amcham Energy & Environment Committee.

"Solar and onshore are difficult in Korea but as a peninsula surrounded by water on three sides, we can focus on offshore wind in Korea," Choe said. "With the RE100 initiative ultimately becoming a trade barrier for Korea as an export-dependent economy, it's not just about energy security nor just about sustainability."

"It's about national survival, there's got to be a sense of urgency. Renewable energy must be expedited for our future."

BY SARAH CHEA [chea.sarah@joongang.co.kr]