Korean bank attempts to help net zero initiative
South Korean bank Standard Chartered (SC) Bank announced on Dec. 24 that the outfit would help the world deal with climate change by carrying out a project of planting trees.
The Seoul-based lender said that it would plant trees in the forest area of Gangwong Province, west of Seoul, so that the country would be able to grapple with the issue of climate change.
When the number of customers who are ready to take part in the ESG program tops 3,000, SC Bank promised to plant 1,000 more trees itself.
Short for Environmental, Social, and corporate Governance, ESG refers to the three central factors in measuring the sustainability of a company or business.
Over the past few years, ESG has emerged as a significant managerial value across the world.
The company said that it is a part of its efforts to join the net-zero initiative. An increasing number of companies from across the globe have promised to achieve the net-zero goal over the coming decades.
That means they will reduce the carbon dioxide emissions to net-zero by 2050 so that the world will be able to achieve the chance of limiting the global temperature rise to 1.5 degrees Celsius.
“It is our mission to conduct sustainable investments aligned with the carbon-neutral goal. It is also our promise for the future generation,” SC Bank deputy chief Chang Ho-joon said.
SC Bank launched its banking services in 1029. The lender was purchased y Standard Chartered in 2005.