NH Nonghyup Finance,’ESG Aim’… Leading climate change with coal-free finance

2021 Management Strategy Meeting Held 「ESG Transformation 2025」 Vision and Declaration of Coal Financing

Nonghyup Finance
Nonghyup Finance held a management strategy meeting and declared coal-free financing (provided by Nonghyup Finance)/Green Post Korea

[그린포스트코리아 박은경 기자] NH Nonghyup Financial Group established the ESG (Environmental, Social and Governance) committee within the board of directors through the 「ESG Transformation 2025」 strategy, declared coal-free financing, and announced a leap forward as an eco-friendly financial company.

On the 4th, Nonghyup Finance held a non-face-to-face “2021 Management Strategy Meeting” with such content as the main point.

Nonghyup Financial Group (Chairman Son Byeong-hwan) held the “2021 Business Strategy Meeting” in the video conference room of the headquarters in Jung-gu, Seoul on February 3rd. The meeting was attended by Chairman Son Byung-hwan, CEO of affiliates, executives of landlords and affiliates, and heads of departments.

At the meeting, we discussed the awards for excellent affiliates and nonghyup financiers, reporting on the medium-term strategy of Nonghyup Finance, and the direction of management management, and suggested expansion of ESG management through de-coal financing as the core strategy of this year.

First, Chairman Son Byung-hwan conferred excellent subsidiary awards to Nonghyup Bank, Nonghyup Life, Nonghyup Insurance, NH Investment & Securities, and NH Savings Bank, and said that he achieved target profit and loss even in situations where face-to-face marketing was difficult due to the aftermath of a novel coronavirus infection (Corona 19) Praised.

The grand prize of the nonghyup financier Glory went to the nonghyup bank manager Lee Eui-sun. Manager Lee Eui-sun was awarded the Best Banker, an excellent marketing employee of Nonghyup Bank, several times, and was recognized for his contributions to financial technology training and promotion of nonghyup products for trading companies. The image of the Nonghyup Finance Award awarded to a total of eight people was also given the honor of special promotion and promotion.

This year’s 7 medium-term propositions of Nonghyup Finance were’digital, ESG, business expertise, agricultural industry value enhancement, global, and communication enhancement’. The key is to expand the ESG vision through’coal-free finance’. The goal is to respond to climate change risks by suspending investments in coal-fired power plants, which have been identified as the main cause of climate pollution, and to leap into an eco-friendly financial group in line with the government’s declaration of carbon neutrality and the Green New Deal policy. Through this, the vision of “ESG Transformation 2025” to establish a complete ESG management system was presented.

To this end, it has decided to stop investing in new PF loans and bonds for the construction of domestic and foreign coal power plants in the future, and to expand investments in eco-friendly businesses and renewable energy sectors.

In addition, to reinforce ESG management, the’Social Values ​​and Green Finance Committee’, an ESG-related committee within the board of directors, was established, and the’ESG Strategic Council’ under the chairmanship was established to establish a control tower. It was upgraded to’Promotion Team.

ESG investment also reflects the characteristics of the Agricultural Cooperatives and promotes a two-track strategy of’Green Impact Finance’ such as investment in new and renewable energy and’Agricultural Impact Finance’ to support eco-friendly agriculture and agrifood companies. ‘Green Impact Finance’ is a socially responsible investment that combines’Impact Investment’, which means an investment that pursues social value and financial return at the same time, and’Micro Finance’, which means microfinance support.

In addition, in order to improve ESG execution capability, a’pivoting’ strategy was also established and decided to be executed immediately. It is an activity that expands rural volunteer work related to the environment by reinforcing the identity and social contribution role of the Agricultural Cooperatives, and converts physical resources to eco-friendly environment such as replacing electric vehicles for business vehicles and installing solar panels.

Chairman Son Byung-Hwan said, “ESG is not a temporary trend, and we will implement ESG systematically by re-establishing the existing financial and social contribution activities of the Nonghyup from the perspective of ESG and preemptively ahead of the trend of the times.”

At the same time, emphasizing that “The Nonghyup, which has grown together with agriculture and rural communities, is an organization optimized for ESG by nature”, spreading the existing value of Nonghyup finance with the recognition that “Nonghyup = ESG” and’Nonghyup is ESG’, “We need to move toward a financial group that contributes to society and the environment,” he stressed.

Finally, he ordered, “Consider the role of Pan-Nonghyup’s profit center by enhancing market competitiveness in line with the status of the four major financial holding companies.” .

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